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• Actual Cash Value (ACV)- The estimated value of the item lost or damaged based on its condition immediately prior to the loss. This is typically calculated as replacement cost value minus depreciation.
• Loss of Use coverage- Your policy may pay for necessary increases in your normal day-to-day expenses that you incur if your property is determined to be uninhabitable due to a loss covered under your policy. This coverage may be available only for the period of time reasonably required to make your home habitable, or if a replacement home is purchased, the time reasonably required for you to move in. 
• Policy limits- All policies have dollar limits either chosen by you or included in the policy. Some classes of property have special limits or “sublimits” for some or all claim types. For instance, your homeowner’s policy may not reimburse you for the full amount of your loss on items such as jewelry, silverware, coins or cash if they are stolen. These types of property CAN be insured for their full value using specific endorsements.
• Reconstruction costs- Your dwelling policy limits are based on the estimated cost of rebuilding your home, economic changes over time, such as labor or material costs, could make rebuilding more expensive than initially anticipated. You’ll want to revisit your policy annually to make sure that it provides sufficient protection. 

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