In the event of a total loss, the Replacement Cost Estimate (RCE) is Openly's calculated estimate of the cost required to reconstruct the main dwelling from the ground up. Because the reconstruction of the main dwelling is guaranteed up to $5 million under our Guaranteed Replacement Cost (GRC) feature, the RCE is not a Coverage A limit. Instead, it serves as a foundational pricing input and a baseline that dictates the default values and allowable ranges for your other coverage limits.
How RCE is Calculated
The portal automatically calculates the RCE using two main data points:
- The address input on the Applicant screen.
- The specific details entered on the Property tab.
Note: The RCE estimate cannot be manually altered to reflect a different amount from the one the portal generates. RCE calculations are subject to state-specific guidelines.
Connecticut
The only exception to the standard RCE rule applies in Connecticut, where a policyholder may elect to insure the dwelling at 50% of RCE. When this option is selected:
- The standard $5 million Guaranteed Replacement Cost (GRC) is removed.
- The GRC is replaced with a defined, fixed amount of coverage.
For more details on how this state-specific rule operates, review this article.
Where to Find the RCE
The core RCE amount can always be viewed on the Summary or Policy tabs in the portal.
If you need to generate or download a detailed PDF version of the RCE, its location depends on the status of the account:
-
For Quotes: Go to the Admin tab of the quote.
-
For Bound Policies: Go to the Documents tab of the bound policy.
The above is meant as general information. This information does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. Descriptions of all coverages and other features on this page are necessarily brief; in order to fully understand the coverages and other features of a specific insurance policy, we encourage you to read the applicable policy. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim. References to general claims handling steps, average or typical premiums, amounts of losses, deductibles, costs of coverages/repair, etc., are illustrative and may not apply to your situation.
For further assistance, contact us via our webform or Live Chat.