RETAIL REPLACEMENT VALUE

​Retail Replacement Value (RRV) – (highest value, usually for insurance purpose) is defined as the highest amount in terms of US dollars that would be required to replace a property with another of similar age, quality, origin, appearance, provenance, and condition within a reasonable length of time in an appropriate and relevant market.  When applicable, sales and/or import tax, commissions, advisement fees, and/or premiums are included in this amount.  (AAA 2019 Definitions of Value, p.2)

Used For:​  Obtaining insurance coverage