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What is the difference between Actual Cash Value (ACV) and Replacement Cost Value (RCV)?

Most policies provide that you will initially be paid that is known as actual cash value, or the estimated cost for the item after deducting depreciation. Once you actually replace the item, you can then submit the receipt to the insurance company and they will then pay you the difference between what you were initially paid and what it cost to replace the item. If you are having an RCV/ACV issue with your insurer please call us at (954) 315.1155, we may be able to help.