Actual cash value only pays to replace your home or property after subtracting a deduction for depreciation. For a higher premium, you can purchase replacement cost coverage, which pays the actual cost of replacing your home or property at the price of what it would cost to purchase that item new, today. Replacement cost coverage premiums are about 10 percent more than ACV. Replacement cost contents is an “endorsement” you should definitely consider. (Endorsements are “forms” or changes/additions of special coverage to your policy)