Get paid like the big guys, with respect.
It’s like having your own AR department, without the payroll expense.
Replacement Cost Value is the amount it would cost to replace your damaged items today. It is not the amount that you paid for the item on the original date of purchase. RCV does not account for depreciation, or reduction in your property value over time.
This item includes the total labor charges incurred to fix and restore your property. For example, a water cleanup and restoration company could charge the hourly rate for any hours worked, the cost of transportation, and any associated costs incurred by the contractor to repair your home.
Also referred to as ACV, this value refers to the cost to replace your damaged items today (RCV) less any depreciation on your items.
The Net Claim is the amount paid to you, minus the deductible. You are responsible for meeting your home insurance deductible prior to any claims being paid out. You may also notice “Net Claim if Additional Amounts are Recovered.” If any depreciation is recoverable or any expenses are expected to be incurred later, you may be eligible for additional payments.