What is the functionality of Personal Property Coverage?
Your personal possessions have an actual cash value that depicts their age and condition at the time of a loss, such as a theft or fire. Differently, in different words, the depreciated value equals the actual cash value.
Replacement cost coverage, on the other hand, pays for the complete cost of replacing your goods, not just the cash value. This enables you to purchase a similar item of comparable quality at today's pricing, regardless of whether you purchased it or received it as a gift.
We'll work with you to figure out whether the equipment that has to be replaced is worth it. We'll pay you the actual cash value of your deductible once you've paid it, which you can put toward purchasing your replacement. We'll help you pay the difference after you've purchased the item and provided us with the receipt.
You'll still have to pay your deductible for damaged products, and we'll need documentation that the repair is in process or completed. We'll pay the loss at its true monetary value till then.