What does GRC mean in GENERAL

GRC policies offer coverage in the event that a homeowner's residence is fully destroyed, usually due to natural disasters such as fires, floods and earthquakes. These policies generally do not cover any other types of damage, such as vandalism or wear and tear.

GRC policies typically pay out when a residence has been completely destroyed due to an insured risk event such as a natural disaster or fire. The payout will cover the full cost of rebuilding the structure, no matter how much construction and materials costs have changed since the original purchase.

Many insurers offer GRC coverage as part of a standard homeowner's insurance policy, so you may already have it without knowing it. It is important to speak with your insurer to understand the scope of your current coverage in order to determine whether or not you need additional protection for certain risks.

No - with a GRC policy, you are guaranteed payment for the full replacement cost of your home regardless of actual market value at the time of loss or inflation over time. However, be aware that some policies may limit their liability amount based on the age and condition of your property at the time it was damaged or destroyed.