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If the RCV settlement is for $20,000 and the actual cash value is $15,000, yet the insured spends $17,000 to restore the property to its preloss condition, then the insured is only entitled to $17,000.
The actual cash value amount is based upon the current replacement value at the time of the loss.
The actual cash value (ACV) amount is determined as replacement cost minus depreciation.
The insurer will pay the lesser of the actual cash value of the damaged property or the cost of repairing or replacing the damaged property with other property of like kind and quality.
The court said that "every fact and circumstance which would logically tend to the formation of a correct estimate of the loss," including the economic value of the property, should be considered in determining the actual cash value.
In this situation, the insured would be paid the actual cash value of the part of the structure damaged or destroyed less the deductible or the reimbursement amount calculated by the following formula:
Other policies may limit an insurer's payout to no more than the actual cash value for the damaged property until the repair or replacement is completed.
That bulletin addresses the calculation of actual cash value under the Texas Standard Homeowners' Policy.
Given the insureds' intent not to repair, the insurer paid the insureds actual cash value for the loss.
What we are allowed to offer him is the actual cash value of items, and what he is wanting is the replacement value," she said.
2) Actual Cash Value of the property at the time of loss.
Equivalent No-Fault Endorsement Coverage Uninsured Motorists $ Each "Accident" $ Underinsured Motorists $ Each "Accident" $ (Indicate Only When Coverage Is Not Included in Uninsured Motorists Coverage) Comprehensive ACTUAL CASH VALUE OR $ COST OF REPAIR, WHICHEVER IS LESS, MINUS $ DED.