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Homeowners Functional Replacement Cost

Our "Ask an Expert" service got a question this week from an agent who represents an insurer who has begun using a Functional Replacement Cost Loss Settlement endorsement on older homes which have construction materials that are obsolete, antique, or custom. This endorsement says that in the event of a claim, the damaged building will be repaired or replaced with less costly common construction materials and methods. The big issue is how to arrive at the Functional Replacement Cost limit.

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​127 South Peyton Street
Alexandria VA 22314
​phone: 800.221.7917
fax: 703.683.7556

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