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So, say I bought a designer wool rug for $1,500 five years ago. As we’ll see in a second, there’s a capped version of this coverage and an unlimited option.ĭid You Know: Understanding Actual Cash Value”]When my insurance policy pays me ACV for my lost or damaged possessions, it’s reimbursing me for their value at the time I lose them. Loss of use: If my home is unlivable for a spell, my Liberty Mutual HO-3 policy will cover the difference between my normal day-to-day living expenses and any hotel, rent, or restaurant bills I rack up.Personal liability: Liberty Mutual covers legal and medical fees if someone gets injured on my property or if someone in my family causes damage to someone else’s property.RCV coverage (see below) will drive my premium up a bit, but it’s the safer bet. Belongings (actual cash value): If I go with ACV coverage for my stuff, I’ll almost definitely have to pay out of pocket to buy it back.

In that case, I’d have a pair of $1,500 deductibles to pay. This most likely won’t be an issue - unless a thief breaks into my home after a tornado rolls through. Note that with Liberty Mutual, wind and hail are a separate deductible. Dwelling (including fences, driveways, sheds, etc.): Liberty Mutual protects my property against standard perils, or accidents, like fire, storm, theft and vandalism.Liberty Mutual covered me for these items in the case of loss, theft, damage, or accident. It covers your home and belongings, as well as your liability to others in the event of an accident on your property. FYI: An HO-3 policy is the most common homeowners insurance plan in the U.S.