To explain the difference we need to start out by explaining what each is separately. Replacement Cost Value “RCV” is a coverage that pays to purchase new at the current market value with no regards to depreciation. Actual Cash Value “ACV” is replacement cost value minus the depreciation. Depreciation is the decrease in adjusted value due to wear and tear or age.
There are plenty of reasons to put some of your belongings into a storage unit. You could be moving, jumping into spring cleaning or just needing more room to keep your stuff. According to the Self-Storage Association, 1 out of every 10 households in America rents a storage unit. The options are numerous and you can find one that will meet your every need. When it comes to insuring your property at a self-storage facility let’s clear this up and make it very simple for you.
Let’s start by covering a little background on renters insurance. Renters Insurance is very important and a must for anyone living in a rental. A landlord will have insurance on their building, but your stuff inside the building is the problem. The landlord has no insurable interest in your belongings, meaning their coverage would not cover any of your stuff. Renters insurance is coverage for your personal property. The limit amount depends on how much contents coverage you want covered or need. Another part to renters insurance is it provides personal liability coverage. This would provide coverage if you are found liable with many situations.