For example, if a fire damages your home, your personal property coverage will help pay to replace destroyed and damaged items up to your coverage limits. However, the amount you get paid after a loss depends on the type of coverage you have. ACV meaning: What is actual cash value? If ...
Let’s take an example to illustrate the difference between RCV and ACV. Say you have a five-year-old laptop that gets damaged beyond repair. The RCV of the laptop would be the cost of buying a brand-new laptop with similar specifications. However, the ACV would take into account the de...