Wednesday's Word!

Wednesday's Word this week is Replacement Cost!

Replacement Cost is the cost to repair or replace an insured item. Some insurance only pays the actual cash or market value of the item at the time of the loss, not what it would cost to fix or replace it. If you have personal property replacement cost coverage, your insurance will pay the full cost to repair an item or buy a new one.

Do you know if your policy has replacement cost?  You don't want to find out at the time of a loss that the value of your personal property will be minus the depreciated value!