Insurance Glossary Damage Insurance Actual Cash Value

What means : Actual Cash Value. It's the cost of replacing damaged property or stollen items with comparable new property or item, minus depreciation. If you bought a new expensive tv five years ago, your tv won't be considered as new and expensive now, so you will receive less money that you paid for it because now this kind of tv is less expensive. It could be anything including the house itself.
The value of your object nowadays would be the amount you will receive for that.
You will find it in Damage Insurance Policy like You have it in Auto Insurance.

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