Replacement cost for contents means the cost on the date of the loss or damage, of repairing or replacing (whichever is less) damaged property with new property of similar kind and quality, without deduction for depreciation, but not exceeding the applicable amount (s) of insurance as shown on the coverage summary page for any loss or damage arising out of one occurrence. Actual Cash Value(ACV) is an assessment of value of an item that considers depreciation. In determining depreciation, consideration is given to the condition of the item immediately before the damage, the resale value of the item & the normal life expectancy of the item in question.