There are two types of coverages for your property. One is replacement cost coverage and the other is actual cash value.

Replacement cost coverage provides for a damaged item to be replaced for what it costs today, at a fair market price of like, kind and quality, regardless of when it was purchased.















Actual cash value provides for the compensation of the balance of the life expectancy of a damaged item. Your insurance company owes for only the unused portion of the balance of its life. Other parameters may also apply, your adjuster can explain this process better.