There are two types of homeowners insurance policies offering different kinds of property protection: replacement cost policies and repair. 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.A replacement cost policy helps pay to repair or replace damaged property without deducting for depreciation, says the III. Personal property replacement cost. Replacement costs cover the item as new at the time of the claim. Actual cash value means the replacement cost of the item minus depreciation. Replacement Cost will replace your damaged or stolen items without factoring in any depreciation. Personal property insurance helps pay to repair or replace the things you own after a covered loss, like a fire or theft. In order to help you determine how much coverage you need, your agent will help estimate your dwelling's replacement cost. Actual Cash Value means you get paid what your stuff is worth now, considering its current condition.
