I have read a few policies and the wording is a bit vague with terms like “replacement cost”.
I have a nice camera which is five years old, but I would have to pay close to the price of £500 that it cost me to get something of similar capabilities. I also have a four month old phone which cost me £300 and a two year old laptop which cost me £750.
How is the market value calculated? Ebay?
Is ‘new for old’ only something you get with contents insurance? If you then have cover away from the home (i.e. taking camera on holiday) the new for old clause is still valid?
Looking at the prices I have seen, it would be cheaper to insure the contents of a flat and then buy cover away from the home than it would be to buy baggage-only holiday cover!