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What Is Depreciation?

There are a lot of terms in insurance that you may have not heard of before you had to deal with a hail claim. One of these terms is "Depreciation".

Depreciation comes in two forms "Recoverable Depreciation" & "Non-Recoverable Depreciation". Below you can see see an example between "Non-Recoverable Depreciation" also known as Actual Cash Value (ACV) Policy & "Recoverable Depreciation" also known as Replacement Cost Value (RCV) Policy.



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