What Is Depreciation On Home Insurance? 
Depreciation isnt the word used in most insurance policies . The phrase is actual cash value . It means that if you have a loss the company will pay the cost to repair or replace property with like materials but never more than the limit in the policy . This is stated in the policy but is further limited to the value of the property at the time of the loss . The key elements are repair or replace and value at the time of the loss . 