Our insurance policy is this: They'll take what you have and depreciate the cost by the year with a maximum of 90% off the original price. If you buy the item back, you'll get the full price returned as stated on the receipt. So for example, I bought Final Fantasy III on the SNES (in reality Final Fantasy VI) in 1994 when it first came out at $50. Given the age, they'd probably give me back about $5 now. Considering it's a famous and old game, I could probably find it in a store for about $60. The insurance would still give me the $60 even though it's old and more expensive than the original price because that's how much it costs to replace the game nowadays.

Right now I'm reviewing all the receipts and comparing them to how much the insurance gave us to make sure they paid the full price. Most of our furniture is old, like my grandparents old and considering they started building a household together in the 1920s that's what we're looking at. But the furniture was really high quality, things meant to be passed down from generation to generation, which is what happened in this case. I'm looking at what we were paid for those, and it's about $20, $30. Mind you, they're deducing from the 1920s price. So yeah, it's important that I review everything and compare to receipts.

That's why if you get homeowners or renters insurance, you should definitely double check the policy to know what you're entitled to or the procedure that's necessary to get your money because we definitely entered this situation not understanding anything.