When it comes to settlement methods, you have two options to choose from Replacement Cost (RC) and Actual Cash Value, (ACV). These two options determine how your claims payout is settled in the event of a loss. So, what’s the difference?Depreciation. Regarding property insurance,depreciatio...
What is ACV(Actual Cash Value)? The term "actual cash value" is not as easily defined. Some courts have interpreted the term to mean "fair market value." Most courts, however, have upheld the insurance industry's traditional definition: the cost to replace with new prope...