Many homeowners are unaware that there are two options provided to them - as to how your personal possessions will be replaced due to damage or theft. Your insurance policy will state either Actual Cash Value or Replacement Cost. Actual Cash Value is the amount it would take to replace or repair your assets, minus depreciation. The settlement you would receive from the insurance company would be for a certain percentage of the original value, as depreciation (age and wear) has been taken into account. Replacement Cost is the amount it would cost to replace your assets with items of similar type and quality - without deducting for depreciation. While it may cost more to have Replacement Cost as part of your insurance policy, it is to your benefit if you ever have to replace your possessions.
For either options, before you receive any settlement - you need to prove ownership and value. The only way this can be done is with an inventory list - complete with descriptions, receipts and photos. Please visit our website for further information. www.jlksystems.com.