Is my policy based on ACV?
I’m currently reviewing my policy with QBE and checking the endorsements to determine if I have replacement cost coverage. However, it seems I might have ACV instead, as it specifically states HO90800698 Actual Cash Value Definition.
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It sounds like your policy does include Actual Cash Value (ACV) coverage if it explicitly states “Actual Cash Value Definition.” ACV typically means that in the event of a claim, your compensation will be based on the replacement cost of the damaged property minus depreciation.
If you’re unsure or want to confirm whether you have replacement cost coverage instead, I recommend reaching out directly to your QBE representative. They can clarify the specifics of your policy and any endorsements that may be applicable. It’s always best to have a clear understanding of your coverage to avoid any surprises later on.