Guaranteed Replacement Cost Coverage Details:
The amount of insurance and the estimated replacement cost for the insured dwelling will be listed in the policy declarations.
If your insured dwelling is destroyed due to a covered loss, Guaranteed Replacement Cost provides the cost amount to replace your dwelling at the time of loss regardless of the estimated replacement cost shown on your Declarations.
GUARANTEED REPLACEMENT COST MAY NOT APPLY IN ALL CIRCUMSTANCES AND WILL NOT APPLY IF:
- You fail to notify us or our Agent of any improvements or other changes to the dwelling which exceed $5,000 within 90 days after such improvements or changes are started, or
- Functional Replacement Cost Loss Settlement is endorsed to the policy.
LIMITATIONS TO GUARANTEED REPLACEMENT COST INCLUDE:
- Losses settled on an actual cash value, meaning we will deduct for depreciation, until repairs or replacement is made.
- The amount of coverage provided under Ordinance or Law Coverage is limited. Ordinance or Law Coverage is the amount that will be paid to cover costs required by law or ordinance to replace or repair your dwelling (e.g. building permits and inspection permits).
ErieSecure HomeSM General Information
You are encouraged to read your policy and endorsements carefully for specific conditions and requirements regarding Guaranteed Replacement Cost and call your ERIE Agent if you have any questions.
This notice is intended to provide an explanation of Guaranteed Replacement Cost. If there is any conflict between this notice and the policy, the provisions of the policy apply.
Nothing in this advertisement constitutes an offer of insurance. Eligibility for insurance coverage will be determined at the time of application, based upon applicable underwriting guidelines and rules in effect at that time. The insurance products referenced in this advertisement are in effect as of April 25, 2011, and may be altered at any time.
ErieSecure HomeSM is available in Illinois, Indiana, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia.
ERIE® property and casualty insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York). Information regarding availability, additional terms, conditions, exclusions, licensure and territory information is available at erieinsurance.com. Equal opportunity insurer.