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Types of Personal Property Coverage

There are primarily two types of personal property coverage: actual cash value (ACV) and replacement cost value (RCV). ACV policies reimburse you for the depreciated value of your items at the time of loss, whereas RCV policies cover the cost of replacing your items with new ones of similar kind and quality. While RCV policies typically come with higher premiums, they offer more comprehensive protection, ensuring you can fully replace your items without significant out-of-pocket expenses¹.