Replacement value is the value that your item should be insured at. Replacement value is the value used when obtaining an appraisal for moving, storage or for other insurance purposes such as household insurance in case of fire or theft.
When dealing with antiques, this is the value that one might expect to pay at a high-end antique store, plus a fair, small, value for having to find such an item. Certainly, the more rare the item, the harder it is to find, hence the higher this value should be.
When dealing with older items that are not antiques, generally this is the costs of buying a similar but new item of the same quality, or the cost of buying the same older item in very good condition. For example a walnut dining table from the 1930's, would have a replacement value based upon what it would cost to buy a new table of similar quality. Certainly, only the top quality contemporary tables can be considered as having a similar quality.
When considering contemporary items, the replacement value is the cost to replace that item at a retail outlet, at their regular price.
The replacement value does not include any applicable taxes and is based upon Canadian values in Canadian dollars.
