Replacement Cost refers to the amount of money needed to replace or repair an insured item or property with a new one of similar kind and quality, without deducting for depreciation. Replacement cost coverage is a type of coverage that reimburses the insured for the full cost of replacing damaged or destroyed property, up to the policy’s coverage limit, without factoring in the item’s depreciation or age.
Amid peak disaster season, a recent national survey unveils that numerous homeowners are underinsured, lack comprehension of their policies, and have insufficient savings to sustain their households during emergencies.
Murphy Insurance Agency provides insurance solutions across Massachusetts and New England. Where you live is not a barrier to our assisting you. We are proud to serve the communities where our customers live and work, including Acton, Ashland, Ayer, Bellingham, Berlin, Blackstone, Bolton, Boston, Boxborough, Boylston, Chelmsford, Clinton, Concord, Devens, Dunstable, Fitchburg, Foxborough, Framingham, Franklin, Groton, Harvard, Holliston, Hopedale, Hopkinton, Hudson, Lancaster, Leominster, Littleton, Lunenburg, Marlborough, Maynard, Medfield, Medway, Mendon, Milford, Millis, Millville, Natick, Norfolk, Northborough, Northbridge, Pepperell, Sherborn, Shirley, Shrewsbury, Southborough, Sterling, Stow, Sudbury, Townsend, Upton, Uxbridge, Wayland, Westborough, Westford, Weston, Whitinsville, Worcester, and last but not least, Wrentham.