It pays the full cost of replacing your possessions, with no deduction for depreciation. (insurancequotes.com)
A renters policy will help you repair or replace your possessions if they're damaged by a covered peril (such as theft, fire, smoke and more). (allstate.com)
You also want to check your contents insurance to be sure you have adequate cover to replace your possessions in case of loss or damage. (compareinsurancesonline.ca)