When I purchase the renters insurance, I see the options of actual cash value and replacement cost. What is the difference?
The terms replacement cost and actual cash value are two methods to value your lost items. The ACV means the value of the items reducing the depreciated value. While the replacement cost is the full value of the items.
The information in this answer is general in nature and is not legal or insurance advice for your specific situation. Policy language varies carrier by carrier; your declarations page is the final word. If you're unsure, call your agent before you need to file.
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