Increased Cost Of Construction Clause


Definition of "Increased cost of construction clause"

Coverage if state or municipal law requires that a damaged or destroyed building must be rebuilt at an increased cost to comply with building code provisions that were not in effect when the building was originally constructed.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Coinsurance Clause

Provision in an insurance policy that caps the insurer's liability by stipulating that the owner of ...

Double Indemnity

Same as term Accidental Death Clause: in a life insurance policy, benefit in addition to the death ...

Unit Benefit Plan

Retirement plan under which a discrete increment of periodic retirement income is credited to an emp ...

Gentrification

The rehabilitation and redevelopment of low-income housing into higher income housing resulting in t ...

Breach Of Contract

Failure, without sufficient reason, for one or both parties to perform the terms of a real estate co ...

Percolation Test

Determines the ability of soil to absorb and draw down water. A percolation test is essential to det ...

Related Real Estate FAQ

What Is An Agent?

A person authorized to work on anothers behalf-for instance, a person authorized to sell or buy a ho ...

What Are Jumbo Mortgages?

Jumbo mortgages are mortgages larger than the limits set by Fannie Mae and Freddie Mac. A jumbo mort ...

What Is A Mortgage Banker?

A mortgage banker is a company that originates mortgages and sells them to a secondary market. ...

What Is The APR For This ARM Loan?

This APR Calculator can be used to estimate the Annual Percentage Rate for a loan based on input par ...

What Are Basis Points?

Basic points relates to changes in the interest rate for your home. ...

What Is Commission?

The fee an agent earns for the sale of a home-usually a percentage of the selling price. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

How Does The Home Loan Underwriting Process Work? Mortgage Loan Types What is Escrow and how does it Work? 3 tips to ensure your sale goes through 7 Things to Consider Before Moving to a New City

FAQ

What is a Good Faith Estimate? What does Travel Insurance Typically Cover? What is a mortgagee? What do I need to know about Motorcycle Insurance? How do I file an Insurance Claim?