Replacement cost on personal property; house fire total

by Donald L
(Gananoque ,Ontario, Canada)

My house was destroyed in a fire.

Have guaranteed replacement on house, the $276000 (rebuilding value) became $500000.

I have full replacement on my contents; do we have same coverage on contents as the house? $215,000 on contents but showing a claim of almost $500,0000 (no art no antiques). I am insured with ING /INTACT. Have done the schedule of loss lists which shows real losses. Am I covered to the $215,000 in my policy declaration or the $500,000 of contents I actually lost? Do you have an answer?

Insurance Replacement Cost on Personal Property in Ontario

Hi Donald,

I edited your question a little to expand on it in the way I interpreted it. Hope I understood what you are asking ...

The Guaranteed Replacement Cost on the building works a little differently than Replacement Cost on personal property. The Guaranteed Replacement cost covers your building to the full amount to rebuild (subject to some conditions). You are very fortunate to have had that coverage.

The replacement cost on personal property is subject to the limit in your policy in most cases. But no depreciation is applied to any of the items.

Hopefully I interpreted the question correctly!

And I also hope you get into your rebuilt home soon.

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