Just like the dwelling limit mentioned above, replacement cost insurance pays out the total replacement value of your possessions, not their market value, in the event of a claim. (cheneyinsurance.com)
An actual cash value plan is one that is going to give you payouts that will cover the current value of your possessions. (rentersinsurance.net)
The total value of your possessions should give you an idea of how much contents coverage you need. (trustedchoice.com)