Actual Cash Value

In many states, this means that in the event of a covered loss, you'll be paid the current replacement cost of whatever you lost, minus depreciation. (This generally includes the estimated wear and tear on the item damaged or the loss in value of that item because of aging and use). The total amount you'd be paid would be subject to the terms of your particular policy, including applicable deductible and coverage limits.

All coverages are subject to availability and qualifications. Other terms, conditions and exclusions apply. This is a brief description of coverages; this is not a contract. Please read the policy for full coverage details.