It depends on the property. Most insurance companies have a schedule of depreciation for a said property. For example an ice box has a life span of 10years (let's say), and it costs $1000.00 to replace and it is five years old at the time of loss. You are due $500.00, after the depreciation. All personal property has a life cycle, and it just depends on what the property is. As a side note you might want to check with your agent or policy services for your company about adding a 'replacement cost' endorsement to your policy, the endorsement generally isn't too much, and certainly pays for it's self many times over should you suffer a loss.