Holden v. Farmers Insurance

¶1 — Laura Holden purchased a renters insurance policy from Farmers Insurance Company of Washington. In the event of property loss due to fire, the *753policy provides coverage for the “actual cash value” (ACV) of the damaged property. ACV is defined as “fair market value” (FMV) at the time of loss. FMV is not defined. After a fire at her rented home damaged some of her personal property, Holden sought coverage under the ACV provision, which states that payments will not exceed the lesser of either policy limits or “the amount necessary to repair or replace the damaged property.” Clerk’s Papers…