What is Traditional Replacement Cost?

To receive the best claims settlement, you will want to insure your building for the cost of rebuilding an identical structure. There are two types of claims: partial claims and total claims. 99% of all claims are partial claims. With Traditional Replacement Cost, you will receive new materials that will match what you had at the time of loss. For example, individually hand-laid oak floor boards would be replace with new individually hand-laid oak floor boards. Or, plaster walls are replaced with new plaster walls. After a total loss, you will receive up to the insurance amount to rebuild an identical structure.