What is replacement cost?
The Bankrate.com financial term of the day is: "replacement cost."
When you're insured against loss, a policy that will provide you with the replacement cost for property that's damaged or destroyed will allow you to start over with something new. The replacement cost is the amount of money needed to restore or rebuild what you had with similar materials and items.
When you've suffered a loss, insurance that pays replacement cost can make everything good as new.
To shop for insurance to fit your family's needs, visit the Insurance section at Bankrate.com.
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