Insurance

Insurance For Renters

What’s the difference between “actual cash value” and “replacement cost coverage” in my renter’s insurance policy quote?

Actual cash value means that the insurance company will pay you what your possessions were worth at the time of the claim, less your deductible. Replacement cost coverage is the value to replace the possessions, as new, at the time of claim. Make sure your policy covers the costs for replacement.



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