Handling the cost of replacement is a significant portion of what home insurance does. However,when considering a homeowners insurance policy, there are two ways your insurance company can cover your stuff: replacement cost value (RCV) or actual cost value (ACV). ACV is cheaper upfront but ten...
Property insurance policyholders usually would instead be reimbursed for the replacement cost rather than actual cash value, as these amounts frequently differ. In the case of an automobile that is totaled in an accident, for example, the insurance company would typicallypay the actual cash value ...