For the extra insurance I got, it does go by replacement cost. For all of my guitars, I got a replacement cost estimate receipt from my retailer. That's what they're going with. The renter's insurance isn't that good. I have an agent, which is someone in the AAA office. If he's not there, then another person wearing a similar name tag would be my "agent." For the gear insurance, I do not have an agent. Did all of it online myself. That might be a good goal for 2018: Find an actual CPCU agent and get all of this covered in one policy. The renter's insurance is so cheap that it almost feels like a formality more than anything else.