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're considering getting rid of it since we already have Personal Property coverage under Section 1 C.Replacement cost and actual cash value refer to how your homeowners insurance policy reimburses you for property damage after 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. 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. NOTE: Cost should always remain on the listing form as Historical Original Cost you do not need to depreciate the assets yearly on the listing form. This article discusses common problems homeowners face when filing claims to access their insurance coverage for personal property loss. (1) This Additional Coverage applies only to buildings to which the Replacement.