Replacement Costs vs. Actual Cash Value

Do you know the difference between Replacement Costs (RC) and Actual Cash Value (ACV)?  A lot of people had no idea what these two phrases meant until after Hurricane Katrina wiped out their homes and all of their worldly possessions.  Yet, I still run across policies that are purchased and have ACV instead of the RC cost rider.  For those …

RandeeHReplacement Costs vs. Actual Cash Value