My liberty policy reads as follow: Section I Coverage: C. Personal Property with Replacement Cost $600,000 I suffered a fire back in April of this year, I have been submitting my receipts for personal property for RCV and I noticed on the recent payment worksheet done by the content specialist that Liberty will use the Replacement cost value predetermined by them on the original settlement if the receipt I submitted for the particular item was more which was labeled as "Actual Replacement cost with tax". Is this the way RCV works? Because no matter what the case may be, Liberty is pre-determining what they would pay for RCV if the item cost more. Thank you for the help. I asked this question from the content specialist and waiting for a response.
New York

About The Expert

Amy Bach

Amy Bach has been a professional advocate for insurance policyholders since 1984 and an attorney since 1989. She co-founded United Policyholders in 1991 and serves as the organization's Executive Director and primary spokesperson; shaping and overseeing the Roadmap to Recovery™, Roadmap to Preparedness, and Advocacy and Action programs. She is a nationally recognized expert on insurance claim and legal matters; frequently interviewed in print and broadcast media, and the author of numerous publications including "The Disaster Recovery Handbook", "WISE UP: The Savvy Consumer's Guide to Buying Insurance" and consumer tips and guides in the UP Claim Help Library.  Recognized by Money Magazine as a Money Hero, Bach is in her eighth consecutive term as an official consumer representative to the National Association of Insurance Commissioners, and is a member of the Federal Advisory Committee on Insurance.