GRC – Guaranteed Replacement Cost – provides the peace of mind in knowing that, in the event of a catastrophic loss, your home will be rebuilt to the same standard of construction, with materials of like kind and quality, regardless of the value declared on your policy, subject to the insurers’ terms and conditions. For most insurers, one of those conditions is that an evaluation of the home be done at least every five years (three years in some cases) to ensure that the most accurate information is available and that fluctuations in construction, design and labour costs are being considered. One of the methods for performing this evaluation is with Residential Component Technology (RCT) where a wealth of information about the home is input into a computer program that produces a Replacement Cost value, based on national and local data for rebuilding costs. The technology is often sophisticated enough to show differences right down to the postal code in which a residence is located. Keep in mind that replacement cost is different from market value (what you could sell your home for), property value (which includes land value that is not insurable), and the value you see on your tax assessment.