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Replacement cost
Replacement, Cost, Guaranteed
Replacement value
Residence, Primary
Rider
Row house

Replacement cost
If you have to make a property claim, your insurance company will give you the cash value of all the items you have lost. When you replace the item with a similar kind and quality within 180 days of the day it was destroyed, the insurance company will pay you what it cost you to replace the item. This means you are getting the value of new items, not the depreciated value of what your belongings were worth.

Guaranteed replacement cost
No matter how careful you and your insurer are when appraising your home, it is possible to underestimate the replacement cost of the building. The Guaranteed replacement cost option protects you from being under-assessed, and will make up for any difference in the replacement value, or will provide you with added compensation up to an agreed amount. This coverage is for homeowners only.

Replacement value
If you have to make a property claim, we will give you the cash value of all the items you have lost. When you replace the item with a similar kind and quality within 180 days of the day it was destroyed, the insurance company will pay you what it cost you to replace the item. This means you are getting the value of new items, not the depreciated value of what your belongings were worth.

Primary residence
The place where you spend the majority of your time is your primary residence.

Rider
When you add an option to your insurance policy that is not part of the original document, it is called a "rider". A rider can add or remove coverage on your policy for certain items. For example, when you purchase the jewellery and furs option, you are adding a rider to your policy that increases the coverage limits for these items.

Row house
A row house (also called a townhouse) is a home where one of the walls is shared by another person's residence. We use your type of property to determine your rates.

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