If the insured chooses replacement cost new basis of property insurance payment in building and personal property coverage form, then the provision 7 valuation of section E, loss conditions, applies.

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The provision 7 valuation of section E, loss conditions, does not apply when the insured chooses replacement cost new basis of property insurance payment. Instead, the replacement cost (without deduction for depreciation) is used for valuation.

If the Insured Chooses Replacement Cost New Basis of Property