Tariffs are back in the headlines—and they’re quietly reshaping property insurance outcomes. Join Reed Smith’s Nick Insua, Esther Kim and Maame Boateng as they unpack whether tariff-driven construction cost increases are covered under first-party property policies with replacement cost provisions. We translate doctrine into dollars: why the answer is generally “yes,” how timing and location of loss matter, and what policyholders need to do now on limits, timelines, and premiums to avoid unwelcome surprises when rebuilding costs outrun expectations. We also discuss tariffs and their impact on insurance policies in general.