It’s important to note that insurance policies can vary in their coverage terms and may offer either RCV or ACV for different types of property. Some policies may provide RCV coverage for certain items, such as the structure of a building, while offering ACV coverage for personal belongings. ...
Is RCV or ACV better? Whether to purchase personal property coverage with replacement cost or actual cash value coverage likely comes down to your specific needs and priorities. If adding RCV to your policy would make home insurance unaffordable for you, ACV will likely still give you a signific...
The insurance term “actual cash value” is the amount that a lost item was actually worth, a result of subtracting any depreciation the item has sustained prior to loss from the cost of replacement. Depreciation is key in ACV claims, because an item can lose thousands in value depending on...