If Zack had a replacement value home insurance policy and had a custom made table that he paid $16000 for a number of years ago and which was recently appraised for $22 000,the insurance company would pay him $16 000 for it,if it were destroyed in a fire.

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With a replacement value home insurance policy, the insurance company would pay the cost to replace the item, which in this case would be the appraised value of $22,000, not the original purchase price of $16,000.

If Zack Had a Replacement Value Home Insurance Policy and Had