Actual Cash Value (also known as Sound Insurable Value) is the cost of replacing, restoring or reproducing the property, brand new, less depreciation due to use and obsolescence.

Your house and property are protected Actual Cash Value (ACV) covered if they do not covered by the replacement cost coverage on your insurance policy. (more…)

Replacement Value is the cost of replacing, reproducing or restoring the property, brand now, without deduction of depreciation. In other words, a school district insuring on the basis of Replacement Value is paid for the full value of the damaged property, brand now, at the time of loss. However, to collect the full replacement value, the Insured must actually repair or replace the property. Otherwise, the settlement will on an Actual Cash Value basis. (more…)