Yes, you have the option of choosing between new for old or market value cover. New for old means we can cover the cost of replacing a lost or damaged item, or the closest equivalent where this isn’t possible. This relates to your contents and property. Market value cover, on the other hand, means we can cover the cost of the item at the date the incident took place, providing a used replacement of the same age and condition.
The maximum amount insurers will pay is limited to the sum insured shown in your schedule of insurance. All cash settlements will be on a market value basis only.