Is my policy based on Actual Cash Value (ACV)?
I’m currently reviewing my policy with QBE and checking the endorsements to determine if I have replacement cost coverage. However, it seems that I might have ACV instead, as it explicitly states HO90800698 Actual Cash Value Definition.
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It sounds like you’re reviewing your homeowners policy and you’ve noticed the endorsement HO90800698, which indicates that your policy uses Actual Cash Value (ACV) for claims. ACV typically means that in the event of a loss, your insurance will cover the replacement cost of items minus depreciation, which can lead to a lower payout than replacement cost coverage would provide.
If you’re looking for full replacement cost coverage, it’s a good idea to contact QBE directly to clarify your coverage details and see if there are options to upgrade your policy if needed. Understanding the differences between ACV and replacement cost is crucial in ensuring you’re adequately protected.