APOLLO offers Replacement Cost coverage for owner-occupied condo units. Replacement Cost means that in the event of a claim, items would be repaired to their original condition or replaced with new items of like kind and quality, with no deduction for depreciation. For example, if your couch is ruined when your kitchen plumbing pipe bursts, you will get a new couch.
What does Replacement Cost mean?
What Replacement Cost means on your APOLLO condo policy — items are replaced at full current value with no depreciation deducted, rather than at their actual cash value at time of loss.
Written by Celina De Bruge