How does my insurance pay for what I need?

We cannot give you a good answer if you don't mention what kind of insurance you are asking about. Renter's insurance is what you are asking about I think. If you make a claim for a loss or damage under renter's insurance, they issue you a check to cover the depreciated value of the item. An original receipt helps to determine current value.Certain valuable items like artwork and jewelry are not standard and must be added individually and appraised before they can be insured.