Submitted by: Steve Johnson
We recently had a house fire and lost all of our personal property on the bottom floor of house. Fortunately, we have replacement cost coverage. For example: I lost a shirt that cost $100 and was 1 year old. The insurance company reimbursed me $80 for the shirt ($100-$20 for 1 year depreciation). When I buy a new $100 shirt to replace it, the insurance company will reimburse me the $20 that was deducted for depreciation.
Does anyone know how I will be reimbursed for baseball cards? For example, I lost a baseball card that I paid $50 for and would cost $50 to replace. Here are my specific questions:
1) Is there depreciation on baseball cards and if so, how much?
2) How will I be reimbursed up front for my $50 baseball card?
Any help is appreciated and thank you in advance!