Actual Cash Value Cost to repair or replace damaged property with materials of like kind and quality, less depreciation. (freewayinsurance.com)
Insurance that pays the policyholder the cost of replacing the damaged property without deduction for depreciation, but limited to a maximum dollar amount. (rmiia.org)
Your policy will cover the costs of repairing or replacing your damaged property due to a fire, theft or natural disaster. (effectivecoverage.com)