The Supreme Court of North Carolina has held that the term Actual Cash Value (ACV) in a homeowners insurance policy is unambiguous and is calculated by considering both labor and material costs. The case is Accardi v. Hartford Underwriters Ins. Co., No. 42A19 (N.C. Feb. 28, 2020).
Thomas Accardi owned a home that was insured by a homeowners insurance policy provided by Hartford Underwriters Ins. Co. (Hartford.) The Accardi home was damaged in a hailstorm in September of 2017. The storm caused damage to the roof, siding, and garage of the home which all required repair and restoration.
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