The current value is the value of an item based on its age, condition and the degree of wear and tear at the time the damage or loss occurred. In the case of liability claims, it is the current value – not the replacement value – that is paid out. With current value cover, the claimant is financially neither better nor worse off than before the damage or loss occurred. Home contents insurance usually covers furniture at its replacement value. In some cases, however, it is possible that only the current value is covered.