Replacement cost ensures that if you suffer a loss, your insurer will replace the stolen or damaged item with a new one of like kind and quality rather than calculating the depreciated value of the object in question. Simply stated – you receive new for old.

Guaranteed replacement cost refers to the building. It comes into play only if you suffer a major loss – typically, if you have a major fire loss. Insurance policies cover your house and personal belongings, not the land on which it sits. If the appraiser's estimate of the building cost is too low, it may cost more to rebuild your house than the total amount of your policy. "Guaranteed replacement cost," means the policy limit will be exceeded if necessary. Most people know the market value of their home, but they don't know what it would cost to rebuild, which could be higher or lower than the insured building value.

When setting up or reviewing your policy:

• Choose higher deductibles if you have the financial resources to do so.
• Check to see what valuables you may have as scheduled articles and consider whether or not you would like to incorporate those into the main policy or whether a special limits endorsement would suffice.
• Inquire about discounts, such as a mortgage-free or monitored alarm discount.

When your policy is in force:

• Avoid filing minor claims if you can afford to pay for the damage out of existing resources.
• Protect your insurance record and avoid untimely cancellation by paying your premiums on time.

3767 10th Avenue
Port Alberni, BC  V9Y 4W5
T: (250) 723-2545
F: (250) 723-4585

Your Autoplan insurance is valid everywhere in Canada and the U.S., including Alaska and Hawaii. Unfortunately, it is not valid in Mexico.