Replacement Cost Value– The term replacement cost or replacement value refers to the amount that an insurance carrier would have to pay to replace an asset at the present time, according to its current worth.
Actual Cash Value– Actual cash value is the amount equal to the replacement cost minus depreciation of a damaged or stolen property at the time of the loss. It is the actual value for which the property could be sold, which is always less than what it would cost to replace it.
It is very important for you to understand your insurance policy to see if you have replacement cost on both your building and your contents.
You always need an Experienced Public Adjuster to review your policy and advocate for you to enable you to reach a fair settlement.
Call Experienced Public Adjusters Today!