Bryant & Associates Insurance Bryant & Associates Insurance

 

 Hours of Operation

  8:30am to 5:00pm
  Monday-Friday

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4920 N. Meridian
Oklahoma City, OK 73112

(405) 942-5555    (800) 841-2664

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What is the difference between "actual cash value" and "replacement cost"?

Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis. When "actual cash value" is used, the policyowner is entitled to the depreciated value of the damaged property - so the older the item is, the less money you may receive for it. Under the "replacement cost" coverage, the policyowner is reimbursed the amount it costs to replace the property with something of a similar type and quality at current prices.

 

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Bryant & Associates Insurance