Wisconsin Subscriber

Unless they're specifically scheduled, they're paid at actual cash value. Actual cash value is replacement cost less depreciation. This is different than buying a new knife of the same size; that's more of a functional replacement rather than actual cash value. Functional replacement cost is when you replace something that serves the same function but is less valuable; for example replacing plaster with drywall. They serve the same function, but the drywall costs much less. You can't replace a diamond with a cubic zirconia; likewise you can't replace an antique knife with a Wal-Mart special that happens to be the same length. If it's the same kind of knife fine. You first need to see documentation that the insured had authentic antiques and not museum replicas; replicas are readily available and much cheaper than the actual antique items. There are no special limits on antique knives; guns and jewelry have limits, but not knives. They're paid at actual cash value.