Replacement Value

An item’s replacement (or "original") value ("RCV") is the amount it would cost to replace an item with a new, similar item.

Unlike actual cash value, replacement value does not account for value depreciation.

Household insurance normally covers insured property up to its replacement value. It’s important to make sure that the total sum insured covers the cost of replacing all your possessions at their new value.

If you are underinsured, meaning the total sum insured does not cover the cost of replacing all your possessions, you will not be fully covered in the event of a catastrophe.

Take time to consider the replacement value of your possessions every few years because ongoing acquisitions can drive up the value of your household and cause it to surpass the sum insured.

More on this topic:
Swiss household insurance compared
Actual cash value explained

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Expert Benjamin Manz
Benjamin Manz is CEO of and an independent expert on banking and finance.