Title: Retail vs. Clearance Price for RCV Coverage Assessment
Hi everyone! I have a question regarding items under Guaranteed Replacement Cost (RCV) coverage. If I have clothing that is currently on sale, should I value it based on the retail price or the clearance price? Any guidance would be appreciated! Thanks!
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When assessing content with Guaranteed Replacement Cost (RCV) coverage, you should typically use the retail price of the item, even if it’s currently on clearance. RCV coverage is intended to cover the cost of replacing your items at current retail prices, which reflect the regular price of the item rather than any discounts or sales.
However, if the item is no longer available at the retail price (i.e., it has been discontinued), you may want to consider the replacement cost reflected at the nearest comparable item available. Always check with your insurance provider for specific guidelines and documentation requirements related to your policy, as they may have specific rules about how to assess the value of items under RCV coverage.