how do you replace an item that is no longer being made, the quality of like items is vastly inferior to the one destroyed? How do you quickly find art to replace destroyed pieces…those things are acquired overtime. RCV calls for the insured to have the funds to replace items so as to be able to submit proof of purchase. When hundreds of items are severely damaged or ruined, and time is limited, that is a burden that is placed on the insured adding to the stress that was experience with the event causing the loss. The ACV less depreciation results in pennies on the dollar for items that are years old, things that have value beyond money, so the $ the insurer has to work with is peanuts and therefore results in money left on the table for the insurer to pocket and the insured gets nothing more than the feeling of being royally screwed.
how do you replace an item that is no longer being made, the quality of like items is vastly inferior to the one destroyed? How do you quickly find art to replace destroyed pieces…those things are acquired overtime. RCV calls for the insured to have the funds to replace items so as to be able to submit proof of purchase. When hundreds of items are severely damaged or ruined, and time is limited, that is a burden that is placed on the insured adding to the stress that was experience with the event causing the loss. The ACV less depreciation results in pennies on the dollar for items that are years old, things that have value beyond money, so the $ the insurer has to work with is peanuts and therefore results in money left on the table for the insurer to pocket and the insured gets nothing more than the feeling of being royally screwed.
you are ABSOLUTELY CORRECT!!! Pennies on the dollar, everyone else makes out like a bandit and you are left with no money and no replacements……sucks!
Which number are you suppose to used when replacing your flooring, cabinets, etc. The ACV or the RCV?