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What is the difference between Replacement Cost and Actual Cash Value?
Actual Cash Value is the current cost to repair or replace a damaged item minus depreciation. Most items lose value over time, this means during a claim, you will be offered the value of insured items in their used condition, not what it could cost to replace the items with new items.
Replacement Cost is the actual amount it would take to repair or replace a damaged item without depreciation.
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