How personal property coverage gets paid in the event of a claim?

Personal Property Coverage on your home insurance policy gets paid on an actual cash value or depreciated amount basis unless you have an additional endorsement called Replacement Cost Contents.

Even with the endorsement you only will get the replacement cost price after you actually replace the items.

If you choose not to replace the damaged items you will still only get the actual cash value cost of it.

Two important things you need you understand about your homeowner's insurance policy.
1. you need to add an endorsement called Replacement Cost Contents in order to get enough money to replacement the contents that are damaged in a claim.
2. you need to actually replace the items. Otherwise your home insurance or renters insurance policy will pay just the actual cash value of the items damaged.

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