If the unexpected happens, losing your home contents could be distressing as well as financially devastating. Your Toggle Home insurance policy covers the loss of your personal belongings, subject to the policy limits and conditions.
There are two distinct ways to insure your personal possessions:
- Replacement Cost Coverage or RCV (This coverage pays you the dollar amount needed to replace personal property without any deduction for depreciation, but it is limited to a maximum dollar amount.)
- Actual Cash Value or ACV (This coverage pays you an amount equal to the replacement value of damaged property minus depreciation. Unless a homeowners policy specifies that property is covered for its replacement value, the coverage is for actual cash value.)