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 will pay the cost to repair or replace property covered under SECTION I – COVERAGES, COVERAGE B- PERSONAL.PROPERTY, except for property listed in item b. Contents replacement cost. Learn the difference between replacement cost value and market value coverage to make an informed decision when purchasing home insurance. 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. A rebuttable presumption exists that any sale in Maryland is subject to the sales and use tax. Guaranteed Replacement Cost–pays the full cost of replacing damaged property, with no deduction for depreciation and no dollar limit. A replacement cost policy typically pays the dollar amount it will take to buy a new item at the time of a claim. Coverage pays for damage to the dwelling, other detached structures, and your personal property.