Loss Settlement - Replacement Cost Loss Settlement

Replacement cost loss settlement applies to a single-family dwelling, provided that it is the principal residence and insured to 80 percent of its value or to the statutory limit available under the NFIP, but not more than the following amounts: The building limit of liability shown on the Declarations Page Replacement cost of that part of the dwelling damaged, with materials of like kind and quality, and for like use The necessary amount actually spent to repair or replace the damaged part of the dwelling for like use See Section VII. General Conditions, V.2, a-e.