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Replacement Cost Value (RCV) vs. Actual Cash Value (ACV): What's the difference and What do you get?
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“What do I get paid?” — I get this question ALL the time from homeowners after filing a claim. What you get paid depends on whether your policy covers RCV or ACV — Watch the video to learn what these mean and which one you may have!
In this video I will share with you what you can expect as payment from the insurance company after you make a claim. A lot of it has to do with your homeowners insurance policy and whether or not they are covering the replacement value of your property or the actual value of your property. Each homeowner has a policy different from the next, so watch this video and learn the reasons you should expect more or less than what you think.
More INFO ONLINE:
Settle Claims 10x Faster
Roofers + Contractors: What you need for insurance claims
Actual Cash Value:
ACV – is the use or life an item has left after a reduction is taken out for depreciation.
Replacement Value:
RCV – is the amount of money it would take to replace your damaged item with one that is exactly the same in today’s market. RCV does not count for depreciation.
LET'S CONNECT ONLINE
If you have questions that are specific to property insurance, homeowners insurance policy or repairs, follow the link below to WATCH MORE:
ABOUT ME:
Free legal advice about property insurance, real estate, and current issues for homeowners and property owners across Florida and the U.S.
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Disclaimer: Your policy and the results for your specific case may vary. The information in this video may only apply in Florida and may not apply in your state or area. This post should not be construed as legal advice. There is no agreement to provide legal representation, unless a written contract has been signed by you and the attorney. Contact an attorney for a true review of the validity and value of your case or claim. This content is copyright of Brittany Alexander, Esq., owner of Premier Property Law in Florida.
#propertylawyer #lawquestions #homeowners
In this video I will share with you what you can expect as payment from the insurance company after you make a claim. A lot of it has to do with your homeowners insurance policy and whether or not they are covering the replacement value of your property or the actual value of your property. Each homeowner has a policy different from the next, so watch this video and learn the reasons you should expect more or less than what you think.
More INFO ONLINE:
Settle Claims 10x Faster
Roofers + Contractors: What you need for insurance claims
Actual Cash Value:
ACV – is the use or life an item has left after a reduction is taken out for depreciation.
Replacement Value:
RCV – is the amount of money it would take to replace your damaged item with one that is exactly the same in today’s market. RCV does not count for depreciation.
LET'S CONNECT ONLINE
If you have questions that are specific to property insurance, homeowners insurance policy or repairs, follow the link below to WATCH MORE:
ABOUT ME:
Free legal advice about property insurance, real estate, and current issues for homeowners and property owners across Florida and the U.S.
++++
Disclaimer: Your policy and the results for your specific case may vary. The information in this video may only apply in Florida and may not apply in your state or area. This post should not be construed as legal advice. There is no agreement to provide legal representation, unless a written contract has been signed by you and the attorney. Contact an attorney for a true review of the validity and value of your case or claim. This content is copyright of Brittany Alexander, Esq., owner of Premier Property Law in Florida.
#propertylawyer #lawquestions #homeowners
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