When is actual cash value better?
Although actual cash value is a smaller figure than replacement cost, you may prefer ACV in certain situations. If you don’t intend to repair or replace the damaged or destroyed property, you may just want cash as soon as possible. You can receive ACV compensation more quickly than replacement cost compensation, and thus have the cash in hand at an earlier date. FILING A CLAIM • Filing General Claims ▼ Filing General Claims If a covered loss does occur, the claims process is completed by: • First filing your claim, • and then settling your claim. Filing your claim Filing your claim is a seven step procedure: • Report burglaries, thefts, and other crimes to the police. • Telephone your insurance agent and formerly report the loss. You’ll receive any additional information you need at this time. • Take any steps necessary to prevent further damage. For example, repair any windows broken during a burglary. Save your receipts so that you can submit them to the insurance company for reimbur
