Danny Knight Insurance

The right insurance at the right price

What Would It Cost To Replace My Contents or Personal Belongings of My Home?

What Would It Cost To Replace My Contents or Personal Belongings of My Home?

If the unexpected happens, losing your home contents could be distressing as well as financially devastating. Your homeowners, Townhouse, Condo and Renters policies cover the loss of your personal belongings, subject to the policy limits and conditions.

There are two distinct ways to insure your personal possessions:

  • Replacement cost coverage. This coverage pays you the dollar amount needed to replace personal property without any deduction for depreciation, but is limited to a maximum dollar amount.
  • Actual cash value. This coverage pays you an amount equal to the replacement value of damaged property minus depreciation. Unless a homeowners policy specifies that property is covered for its replacement value, the coverage is for actual cash value.

Many people make the mistake of underestimating the value of their home contents. This mistake is easily made when you consider the amount of new items we purchase each year. Under-insurance can lead to heartache and inconvenience should the unexpected happen. 

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