What Factors Define Your Auto Insurance Premium in Victoria? How To Find The Best House Insurance Quotes in Vic | Page 3

Kind of Home Insurance Coverage
• There are three kind of home insurance you
have to choose:
• Actual Cash Value – Method to calculate the
value of insured property, or the value
calculated by that method.
ACV is
replacement cost(RC) minus depreciation.
• Replacement Cost – Refers to the amount an
insurer has to pay to replace an asset
according to the current worth
• Guaranteed or Extended Replacement Cost –
It is the highest level of protection paying
value of the property about 120% – 125%.
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