Dickson, C.J.
In the litigation of this dispute between the plaintiffs, Christopher and Tracey Groce, who were insured under a homeowners policy issued by American Family Mutual Insurance Company and obtained through insurance agent Michael Meek, the trial court granted summary judgment for the defendants on various grounds including that the plaintiffs failed to commence the action within the applicable statute of limitations. Finding the statute of limitation defense applicable, the Court of Appeals affirmed. Groce v. Am. Family Ins., Co., 986 N.E.2d 828, 833 (Ind. Ct. App. 2013). We granted transfer to reconsider the applicability of Filip v. Block, 879 N.E.2d 1076 (Ind. 2008), but conclude that the analysis of the Court of Appeals was sound.
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In the present case, the Groces’ damage claim is predicated on their allegation that agent Meek failed to obtain a policy that would pay the entire cost of reconstruction in the event of fire. Appellants’ Br. at 18. Their specific negligence claim is that “Meek negligently failed to obtain 100% replacement cost insurance protection on their [r]esidence after he inspected the premises on August 18, 2007.” Id. at 14. This claim is predicated on an exchange between Mi-chael Meek and Tracey Groce more than four years before the fire, as described in the following declarations of Tracey Groce in her affidavit in opposition to summary judgment:
10. That on or about August 18, 2003 Meek met this Affiant at the Residence and after some initial pleasantries said to this Affiant “I’m assuming you want replacement cost coverage…if anything ever happens – fire, tornado, wind it (sic: the Residence) will be replaced 100%?”
11. That this Affiant replied “yes.”
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15. That after taking the measurements and requesting the amount of the mort-gage, Meek said “I’ll get this written up.”
Appellants’ App’x at 338. On that date, August 18, 2003, a renewal policy was issued to the Groces that was apparently identical in all respects to the previously issued policy, except for the initial effective date and Meek’s name as the replacement agent. [Footnote omitted.] Both policies, like each of the policies issued to the Groces for their residence beginning in March of 1997 and continuing at least annually until after the fire, consisted of the same standard policy form, although the policy limits and special endorsements varied through the years. Appellee’s App’x at 32–67. This policy form provides for replacement cost protection if the “amount of insurance” is a specified percentage or more “of the full replacement cost” and if the damaged building is repaired or re-placed. Appellant’s App’x at 109. The policy provided that the insurance company would pay “the full cost to repair or replace the damaged building, without deducting for depreciation, but not exceeding” repair costs and “the limit in this policy for the building, including any additional amount of insurance as provided by the Inflation Protection Coverage.” Id. (emphasis added). In contrast, when the building is not repaired or replaced, the policy loss claim payments are cal-culated on “the actual cash value at the time of the loss” but not exceeding the replacement cost. Id.
In the present case, the payment from American Family to the Groces was not based on actual cash value but rather on a replacement cost calculation, without any deduction for depreciation. After the loss, the company calculated that the actual cash value of the damaged residence was $156,527.82 after depreciation, and that the estimates to rebuild and repair the home totaled $225,245.90. Because payment based on the policy’s replacement cost provision was limited to the amount of insurance, that is, the policy’s coverage limits, American Family paid the Groces the full policy limits, $191,500 (plus a payment under the policy’s coverage for debris removal). The Groces thus received “replacement cost” coverage, but in an amount capped by the policy limits. The Groces claim they were entitled to payment of the full costs to rebuild and repair their home, without any limitation due to policy limits. They essentially claim that the alleged August 18, 2003 exchange between Meek and Tracey Groce operated to supersede the policy provisions regarding coverage limits and to require payment of any loss at full replacement cost in contravention of such limits. We do not view their claim as alleging that Meek failed to obtain replacement cost coverage. All of their American Family homeowners policies for the ten years before the fire loss included replacement cost coverage.
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The alleged 2003 failure of Meek to obtain 100% replacement cost coverage presents a claimed result (that policy loss limits are inapplicable to replacement cost coverage) easily “ascertainable from the policy itself.” Filip, 879 N.E.2d at 1084. In fact, each American Family homeowners policy issued to the Groces from 1997 to 2007 expressly limited its dwelling loss replacement cost liability to the applicable policy limits. Without question, the Groces could have discovered that their dwelling loss replacement coverage did not exceed the applicable policy limits. As in Filip, assessing when the policyholders “discovered, or reasonably should have discovered” their agent’s negligent failure to procure the insurance coverage they desired is the “correct inquiry to resolve the limitations period for a claim of negligent failure to procure the proper coverage.” Id. at 1083. And while Filip recognizes that “reasonable reliance upon an agent’s representations can override an insured’s duty to read the policy,” id. at 1084 (citation omitted), the Groces’ factual claim here is not that Meek made a representation of existing cover-age but rather that, perceiving that they wanted 100% replacement coverage, Meek assured them that he would “get this written up.” Appellant’s App’x at 338. Meek’s alleged comments dealt with his promise of future activity, and did not constitute any representation about existing provisions related to coverages or limits in the homeowners policy.
In conclusion, we find from the undisputed facts that the Groces, in the exercise of ordinary diligence in reviewing their homeowners insurance policy, could have timely discovered that the company’s replacement cost liability was capped at the dwelling loss coverage limit, contrary to their claim for negligent procurement of inadequate or wrong coverage. For this reason, the statute of limitations in this case began to run no later than the first policy renewal after the alleged statements of Meek to Tracey Groce on August 18, 2003. The trial court was correct to grant summary judgment on the basis of the applicable two-year statute of limitations.
The trial court’s grant of the defendants’ motion for summary judgment is affirmed.
Rucker, David, Massa, and Rush, JJ., concur.