June 17, 2024

What is the difference between “actual cash value” and “replacement cost” for scheduled items?

Q: What is the difference between “actual cash value” and “replacement cost” for scheduled items?

Actual Cash Value : Replaces a lost or stolen item based on its depreciated value. Replacement Cost : Replaces the lost or stolen item with a similar item of comparable quality at today's current prices.

Actual Cash Value: Replaces a lost or stolen item based on its depreciated value.
Replacement Cost: Replaces the lost or stolen item with a similar item of comparable quality at today’s current prices.

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This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.