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Question 2 of 3 in Replacement Cost Or Actual Cash Value |
How much are my possessions worth? |
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Most insurance companies cover your household contents -- things like furniture, clothes, appliances, etc. – on an actual cash value basis in both home and tenants policies. You have to pay as much as 10-15% more if you want to insure at replacement cost. That’s where companies will ignore depreciation and pay today’s price for a brand version of whatever you lost. Of course, you’ll have to foot the bill for the deductible regardless of the value.
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