If you take out insurance based on the replacement value of your items, the payout in the event of a claim corresponds to the current market price. Home contents insurance is generally based on the replacement value, which is why it is necessary to update your sum insured when you purchase new things. Some insurance companies adjust the sum insured according to the development of certain indices, i.e. it is increased automatically from time to time. Some items, such as skis, bicycles or sports gear, may not be insured at their replacement value, but only at their current value.