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What does R/C stand for in my insurance policy?
I have something listed as extended R/C and I'm not sure what it means. I don't remember agreeing to anything with that name, so I'm not sure what the coverage could be for.
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The abbreviation R/C stands for replacement cost in
home insurance
. Extended means additional coverage.Replacement cost is an important part of home insurance as it determines how an insurance company will pay out a claim.
Replacement cost, sometimes called replacement value, is when an insurance company replaces damaged property with property of similar kind and quality without depreciation.
The other type of loss valuation you will see on a policy is actual cash value. Actual cash value is the replacement cost of something minus depreciation. Most personal property on a home insurance policy will also be paid out at an actual cost value basis.
Every carrier is different, so reach out to your insurance company for specific details about your coverages.”
View full answer
- Gregory R.
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