What value do I assign to my second-hand belongings for insurance purposes?

"I have replacement cost coverage for my renters insurance. I'm making an inventory of my belongings, but many of them were bought second-hand. For example, I bought my couch for $350, whereas a similar model that's brand new would cost over $700. Should I list the second-hand price or current retail price of my belongings?


Answer provided by
Jackie Whalen
Answered on Apr 08, 2021
“The purpose of insurance is to make you whole if you do need to file a claim. In this case, you would provide the current retail cost of the couch since you have replacement cost coverage. For example, if your couch were to be damaged in a fire, the insurance company would replace it with a brand-new couch.
If you had an actual cash value policy, you would list the used price because the couch would be replaced with depreciation factored in. “

Did this answer help you?

Ask us a question by email and we will respond within a few days.

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

No long forms
No spam or unwanted phone calls
Quotes from top insurance companies