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. With Personal Property Coverage, you'll receive the actual cash value of covered personal property that needs to be replaced due to a covered loss.Replacement cost means the cost to replace covered property: 1. With new materials of like kind and quality and used for the same purpose; and. 2. Pays the actual cash value of covered personal property that needs to be replaced due to a covered loss. Liberty Mutual Fire Ins. K.K. Replacement cost means the cost to replace covered property: 1. Liberty Mutual Fire Ins. 388, 11475, Liberty National Life Insurance Company. For 2015 the amount appropriated for property tax relief programs in the State Budget affected reimbursement payments.