Actual Cash Value (ACV) :
The amount of money needed to fix your home, minus the decrease in value of your property because of age or use. This is also called Depreciated Cash Value.
Replacement Cost Value (RCV) :
The amount of money needed to repair your home at today’s prices of building supplies; or replace your belongings at today’s cost of the similar or like item. It is important to discuss replacement cost with your insurance agent when purchasing your policy.