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Insurance Policy Review: Replacement Cost vs Actual Cash Value
Policy Price Check helps you out by discussing the difference between replacement cost and actual cash value.
The post starts off by discussing how replacement cost is used, "Clients often ask after reviewing their insurance policy why the limits on their home insurance are higher than what they paid for their home. The reason for this is because market value is not the important variable when figuring out the cost of repairing your home after a loss, the replacement value is."
The story goes on to talk about the difference between replacement cost and actual cash value, "The replacement cost is the amount that someone would have to pay to replace an item at retail...Actual cash value is also known as the “pawn shop value” which means that if something is insured using actual cost value you would only get the amount of money for it that you would get if you sold it as is."
To read the rest of the story go here to check it out: http://policypricecheck.com/
About Policy Price Check:
Policy Price Check wants to make sure that everyone is getting the best price on their auto and home insurance, renters insurance and other types of insurance. Policy Price Check is able to compare your current coverage with information obtained from multiple insurance companies to see if you are getting the best deal possible. Policy Price Check is dedicated to saving you both time and money, even if in the end that means staying with your current carrier. To find out if you're getting the best deal possible on your insurance come visit http://policypricecheck.com and we'll help you.