what s the difference between replacement cost and actual cash value 
replacement cost value means your homeowner s insurance policy will pay you the amount needed to replace the covered item at its current market value with actual cash value the insurer will pay you the item s depreciated value which is reduced to reflect its age the bottom linepersonal property are movable items that people own personal property can be intangible such as stocks and bonds or tangible such as clothes or artwork homeowners insurance typically covers personal belongings such as furniture appliances clothes and electronics to receive compensation from an insurance claim create a household inventory list with pictures of the items to send to your insurer 