Guaranteed replacement cost

{
  "id": "MLC-T-INS-001693",
  "term": "Guaranteed replacement cost",
  "field": "Insurance and risk management",
  "definition": "A homeowners endorsement under which the insurer pays the full cost to rebuild a damaged dwelling even when it exceeds the policy limit, with no percentage cap, provided the owner insured to the insurer's estimated replacement value and reports improvements. It differs from extended replacement cost coverage, which adds only a fixed percentage above the limit, commonly 25 percent.",
  "url": "https://mlchart.com/terminology/insurance/guaranteed-replacement-cost/"
}