I have been robbed. I have the replacement close in my policy and know it will replace new price for items I have had for several years. The question is, what if I had purchased some of these items used? Would it pay new price, or my purchase price? Or going purchase price for such an item?How does the replacement close work on home owners insurance?wait and see what the insurance adjuster requests. you maybe required to show proof by receipts or the model number etc which would show how old an item is.
for replacement cost, most companies require you to purchase item and then submit receipt for reimbursement. but in some cases, they may not do replacement even if on policy. i had house fire and for one old tv, they stated it was over 10 years old and only gave actual cash value which was very little.
good luck
