What's the difference between Actual Cash Value (ACV) and Replacement Cost (RC) coverage?
Actual Cash Value (ACV): You're paid the depreciated value of your items. A 3-year-old couch worth $1,000 new might be valued at $400 after depreciation. Replacement Cost (RC): You're paid what it costs to buy a new couch today ($1,000+). RC costs more but gives you full replacement coverage. We recommend RC if your budget allows—it protects you fairly when you need to replace items.
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Insurance is only as good as the claim. JWR doesn't just sell you a policy and disappear. When disaster strikes, the team fights for you, handles the paperwork, and makes sure you're paid fairly and fast. Their claims support is rated 4.9/5 stars for a reason.
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HOW ACTUAL CASH VALUE (ACV) WORKS
Actual Cash Value means you're paid what your item is worth today—after accounting for age, wear, and depreciation. That couch you bought three years ago for $1,000? After normal use, it might be valued at just $400 when you file a claim. Your TV, furniture, clothes, even your roof—everything loses value over time. With ACV coverage, you get the depreciated value, meaning you'll need to add your own money to replace items with new ones. For a roof damaged in a Wyoming hailstorm, ACV might pay $6,000 for a roof that originally cost $12,000 ten years ago—leaving you to cover the other $6,000 to $8,000 for a new roof at today's prices.
HOW REPLACEMENT COST (RC) WORKS
Replacement Cost coverage pays what it actually costs to replace your damaged items with new ones today—no depreciation deducted. That same $1,000 couch from three years ago? You get enough to buy a comparable new couch at today's prices, which might be $1,100 or more. Your damaged roof gets replaced with a brand new roof, fully paid (minus your deductible). RC costs 10-20 percent more in premiums than ACV, but it protects you fairly when you actually need to replace things. Most Casper families choose RC for their home and belongings because it eliminates the gap between what insurance pays and what replacement actually costs—especially important after major losses like fires or severe hail damage.
WHICH COVERAGE IS RIGHT FOR YOU?
We recommend Replacement Cost if your budget allows—it's the only way to truly replace what you lose without digging into savings. ACV makes sense for older vehicles (where depreciation already happened) or if you're insuring items you could afford to replace out-of-pocket. Most lenders require Replacement Cost on your dwelling (the house structure itself), but you choose between ACV and RC for your personal belongings. The difference shows up most dramatically in major claims: a $50,000 fire loss with ACV might pay you $28,000 after depreciation, while RC pays the full replacement cost. We help you compare both options with real numbers for your specific situation—no pressure, just clear math so you can decide what works.
Looking for more FAQs?
Yes, strongly recommended. Landlord insurance covers the building, not your belongings. If there's a fire, theft, or water damage, your landlord's insurance won't replace your stuff. Plus, if a guest is injured in your apartment and sues, personal liability coverage protects you from paying thousands out of pocket. It's affordable protection for your most valuable assets.
Renters insurance covers: (1) Personal property—your belongings like furniture, electronics, and clothing if damaged or stolen; (2) Personal liability—if you accidentally injure someone or damage their property; (3) Loss of use—temporary housing if your rental becomes uninhabitable. It does NOT cover the building structure (that's your landlord's responsibility).
Renters insurance typically costs $12-$25 per month ($144-$300 annually) depending on coverage limits, location, and deductible. Wyoming and Colorado rates are generally affordable due to moderate risk profiles. Most families save money by bundling with auto insurance. Get a personalized quote to see your exact rate.
Actual Cash Value (ACV): You're paid the depreciated value of your items. A 3-year-old couch worth $1,000 new might be valued at $400 after depreciation. Replacement Cost (RC): You're paid what it costs to buy a new couch today ($1,000+). RC costs more but gives you full replacement coverage. We recommend RC if your budget allows—it protects you fairly when you need to replace items.
Yes. Renters insurance approval is not heavily dependent on credit score like other products. Insurance companies focus more on claims history and risk profile. Even with a challenging background, you can typically get approved. Rates may vary, but availability is usually not an issue. Contact us to discuss your specific situation—we work with multiple carriers and can find options for you.
Yes, if the damage comes from a sudden, accidental pipe burst inside your unit. Renters insurance covers sudden water damage from internal plumbing failures. However, it does NOT cover flood (water from outside, storms, or rising water). For flood protection, you need a separate flood insurance policy. Check your specific policy wording or ask your agent.