Hello y’all. Today we’re discussing Extended Replacement Cost Coverage – which is an important form of insurance you’ll want to consider before disaster strikes. Extended Replacement Cost Coverage is a form of insurance that can help you replace lost or damaged property in the event of a covered disaster. This type of coverage will generally provide an additional 25 to 50 percent over the policy’s limit to help cover replacement costs of your buildings and other structures. For example, if the insured structure was destroyed by a tornado, your original policy would cover the policy limit, but extended replacement cost coverage would provide the additional coverage needed to replace the structure at today’s construction costs – regardless of the original cost or the policy’s limit. This additional coverage is especially useful if you live in an area with relatively high building costs and you don’t want to be caught short or have to pay extra out-of-pocket to replace a structure.
Another key benefit of Extended Replacement Cost Coverage is that it protects you from unexpected inflation. For instance, rising lumber and labor costs can have an impact on your replacement costs, which is why this type of coverage can be so valuable.
Before you purchase any type of insurance, it’s important to understand what your current policy covers and whether it provides Extended Replacement Cost Coverage. If not, then you may want to consider adding this coverage option to your policy.
Extended Replacement Cost Coverage is an essential form of insurance that can help you protect your property in the event of a covered disaster and replace what you lost with today’s construction costs.
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