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. 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.Personal property insurance pays to replace your belongings if they're stolen or destroyed. Here's what it covers and how to get it. We explain actual cash value vs. Replacement cost and provide two claim examples to show the difference. A replacement cost policy does not guarantee that the insurance company will promptly pay to replace the damaged asset. Consider a guaranteed replacement cost policy. We offer coverage for unscheduled personal property on an actual cash value basis. Use this guide to help you find your home's replacement cost when determining the right amount of home insurance for your needs.
