Real Estate Terms Glossary
What is Replacement Cost?
We can define replacement cost as the price that a person or entity would pay in order to replace an existing asset, such as a property, at current market value with a similar asset. However, note that replacement cost does not necessarily correlate with or equal the amount you paid for your home. Insurance companies consider figures like building material costs when underwriting your policy.
Replacement value also determines what an insurance company will likely pay you in case your home or property is destroyed.
Examples of Replacement Cost
- Example 1: Replacement value
Here’s Investopedia’s definition of Replacement Cost .
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