ACV (Actual Cash Value)

ACV (actual cash value) refers to a type of property insurance coverage that provides compensation for damaged or lost property based on its current market value, taking into account depreciation. When an insured item suffers damage or is lost due to a covered event, the insurer evaluates its worth at the time of the loss, considering factors such as its age, condition, and market value. The ACV (actual cash value) is calculated by subtracting depreciation from the original purchase price or the cost to replace the item. ACV insurance policies typically pay out the amount needed to repair or replace the damaged or lost property up to its current market value, rather than its original cost.

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