Insurance companies pay for losses on personal property based on either the actual cash value or replacement cost. Actual cash value general means what an item is worth at the time of the loss, but replacement cost is what it would cost to replace the item new.
Consumers can save money on their policies by having items replaced at actual cash value.
Persons who wish to make a comment, may do so in writing by 5 p.m. March 16. A public meeting has been set to hear comments on the issue. The meeting will be at 9 a.m. 2401 NW 23 rd , Ste. 28, Oklahoma City.