Replacement Cost Value is the cost to repair the damaged item with an item of like kind and quality, without deduction for depreciation
What is depreciation?
Depreciation is the amount deducted from the replacement cost based upon the age and condition of the item being replaced.
What is actual cash value? (ACV)?
Actual cash value is based on the cost to repair or replace the damaged item with an item of like kind and quality, less depreciation.
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