Actual cash value (ACV) in homeowners insurance is one way to determine how much your property is worth. The actual cash value of your home or personal property is calculated by subtracting an amount for depreciation, deterioration, or obsolescence from the replacement cost. Depending on the ...
Get great home insurance coverage at an even better price. Compare Quotes Key Takeaways: Homeowners, renters, and condo insurance differentiate between actual cash value (ACV) and replacement cost value (RCV). The former considers the age and depreciation of your personal property, while the latte...
MORE LIKE THISInsuranceHomeowners Insurance Imagine waking up to a fire in your kitchen. The fridge, the oven, the dishwasher … all gone. You file a claim with your home insurance, hoping to receive enough money to replace them. Instead, you find out you’ll be compensated based on the ...
Thankfully, you have homeowners insurance. But here's the catch: Will the insurance company pay enough money to replace your stolen items with brand-new ones? Or will you receive only a fraction of what you originally paid for them? Understanding the difference between replacement cost ...