We're considering getting rid of it since we already have Personal Property coverage under Section 1 C. 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.We recommend you purchase home insurance coverage equal to your home's estimated replacement cost. First get an estimate of the replacement cost of your home. While replacement cost is obviously better than actual cash value, it comes with a cost. Yes I agree replacement cost is important if a total loss of your personal property would put you in a bad situation; in most insurance markets. We plan to determine a replacement cost value (RCV) for our personal property inventory items that include the price of the item, the shipping cost, and tax. Pay property taxes on time. Property Tax Statements are mailed out in October, and are due upon receipt. C. Replacement Items. Item. Price.