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.