That means your claim will be paid based on the actual cash
value of the items suffering a loss at the time it occurred.
Not exact matches
Another common misperception victims have regarding the
value of their case is the dollars actually awarded by juries across this nation for non tangible
items like pain and
suffering.
When you
suffer water damage from a sewer backup, it is helpful to keep a list
of damaged
items and to have some receipts or documentation
of their
value.
That coverage generally pays the replacement cost
of the property that
suffered the loss, meaning you can go out and buy a new
item to replace it rather than dealing with the depreciated
value.
Generally the coverage is at replacement cost, which means that regardless
of the age or depreciated
value of the
items that
suffer the loss, you'll get the money you need to go buy something new
of like kind and quality.
Replacement cost makes sure you can go buy a new
item of like kind and quality, rather than
suffering with something you picked up at a thrift store because you only got the actual cash
value of your things.