Free Online Legal Resources
Homeowners can endorse their policy to change their ACV to replacement cost coverage. ACV is the value of an item (including depreciation) at the time of the loss. Replacement cost equals a new item's cost without depreciation. Replacement cost value is not paid until the item is actually replaced.
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified insurance lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local insurance attorney to discuss your specific legal situation.