From Bobbie Sage,
Your Guide to Personal Insurance.
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A. What would it cost to replace the contents of your home with new items if everything was destroyed? Start adding up the costs of everything from home electronics to furniture to tools -- you might be surprised at the total. Replacement coverage pays for the current cost of a comparable, new item. Without replacement coverage, you would only be reimbursed for the actual cash value of the used item.

More Homeowners Frequently Asked Questions