Posted by Partners Risk Services on Filed Under: Business Insurance, Home Insurance, Risk & Safety
The Value of Replacement Cost Coverage
Posted: July 26, 2013
Most homeowners and businesses buy insurance to cover the repair/replacement of loss of damaged property. Generally speaking, insurance companies do a good job of managing claims and helping the owners get their property back to a pre-loss condition. One important part of the insurance process is to understand the difference between Replacement Cost (RC) and Actual Cash Value (ACV) coverage. Let’s start with definitions of...