You have a master policy with replacement cost. Good! You should.
When is replacement cost not replacement cost?
Just because you have a box checked off, does not mean that every loss is adjusted the same way. Like everything, look at the fine print in your policy.
Examples of when RC is now ACV ( actual cash value) in some policies:
- You have functional replacement cost
- your roof is old and out of it’s useful life
- property damage to others
- You don’t actually replace the item or property
- Your property is irreplaceable
These are just some of the examples you will find where replacement cost is not really replacement cost.
read your policy, or ask your insurance pro.