Call Or Text Us At 219-362-5253 ☰ ˟
Logo
Call Or Text Us At 219-362-5253
  • Home
  • Get A Quote
    • Automobile
    • Business & CommercialImage of right arrow
      • General Liability Quote Form
      • Business Owners (BOP) Quote Form
      • Builders Risk
      • Workers Compensation Quote
      • Commercial Auto Quote Form
    • HomeownersImage of right arrow
      • Manufactured Home Quote
      • Homeowners Quote Form
    • Life
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • Watercraft & Boat
  • Customer Service
    • AutomobileImage of right arrow
      • Request ID Card for Auto Policy
      • Send Declaration and Coverages Information to Lien Holder
      • Add Vehicle to Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Add Driver to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
    • Business & CommercialImage of right arrow
      • Request ID Card for Commercial Auto Policy
      • Request General Liability Certificate of Insurance
    • Homeowners
    • MotorcycleImage of right arrow
      • Request ID Card for Motorcycle Policy
      • Add Motorcycle to Existing Policy
      • Remove Motorcycle from Existing Policy
      • Add Driver to Existing Motorcycle Policy
      • Remove Driver from Existing Motorcycle Policy
    • Other
    • Recreational VehicleImage of right arrow
      • Request ID Card for Recreational Vehicle Policy
      • Add Recreational Vehicle to Existing Policy
      • Remove Recreational Vehicle from Existing Policy
      • Add Driver to Existing Recreational Vehicle Policy
      • Remove Driver from Existing Recreational Vehicle Policy
    • Watercraft & BoatImage of right arrow
      • Request ID Card for Watercraft Policy
      • Add Watercraft to Existing Policy
      • Remove Watercraft from Existing Policy
      • Change Primary Operator on Existing Watercraft Policy
  • Blog
  • Make a Payment
  • Resources
    • Refer a Friend
    • Calculators
    • Insurance Glossary
  • About Us
    • About Blake Insurance Agency Inc
    • Location Map
    • Employee Directory
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
Home > Blog > Actual Cash Value (ACV) VS Replacement Cost Value (RCV) on your Indiana Homeowners Insurance.
FRIDAY, JULY 20, 2018

Actual Cash Value (ACV) VS Replacement Cost Value (RCV) on your Indiana Homeowners Insurance.

As an Insurance Advisor it’s my job to discuss with people the levels of Insurance coverages available. During this discussion the difference between Actual Cash Value and Replacement Cost comes up.

It’s possible and probable that the difference between Actual Cash Value and Replacement Costs can be in the thousands of dollars. That’s why its important to know and understand what coverages you have and if you have an ACV or Replacement cost policy.

“Actual Cash Value” (ACV) sometimes referred to as “Market Value” is calculated by subtracting deprecation from the replacement cost value. “Replacement Cost Value” (RCV) is the actual amount at the present time that it would take to replace something.

If you have a covered personal property loss and you don’t have Personal Property Replacement Cost, you can except the insurance company will depreciate the value and give you the actual cash value of your stuff. You might be surprised on how quickly your stuff depreciates after you buy it.

For example, kitchen appliances, the cost new of a refrigerator, stove, dishwasher and microwave can easily total more than $5,000. However, these items second hand (depreciated) can be acquired for less than half that amount.

Take time to make sure you have the coverage you want in the event of bad things happening. This is easily done by consulting your agent or me. Being “Insured” and having the “Proper Coverage” are two different things and I’m happy to help you make sure you have the coverage you need and the service you deserve.

Posted 4:09 PM

Share |


NOTICE: This and all content is developed from sources believed to be providing accurate information. The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional for detailed information regarding your individual situation. Some of this material was developed and shared by Blake Insurance Agency Inc to provide information that may be of interest. Blake Insurance Agency Inc is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
Blog Archive
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017

  • insurance(1)
  • rv(1)
  • camper trailers(1)
  • indiana(1)
  • motor home(1)

View Mobile Version
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Home| Get A Quote| Refer A Friend| About Us| Contact
Logo
text
1405 E Lincolnway | LaPorte, IN 46350
P: 219-362-5253 | F: 219-324-9256 | dblake@blakeins.com
Social    

Powered by Insurance Website Builder