We'll pay the replacement cost for items at the time of loss, then up to the full amount of the cost in today's market in the event of a covered loss. Personal Property Coverage for homeowners insurance pays the actual cash value of covered items that need to be replaced due to a covered loss.Homeowners in Illinois face many challenges throughout the year. We'll help you find the right coverage for IL and discounts to help you save. (a) Basis of Presentation. The accompanying combined statutory financial statements of Liberty Mutual Insurance Company ("Liberty Mutual"),. Get a free online quote. Seattle, Washington, United States and 7 more. Claims. Full replacement cost is paid on the reported value on file. TechInsurance is proud to partner with Liberty Mutual, one of the largest property and casualty insurers in the world.