What should each House Corporation do on a regular basis to maintain the replacement value when new furniture has been purchased and should we inform the insurance agent of major purchases?

The current value of your contents or furniture as listed on your Insurance Overview document from MJ Sorority Division is the cost of replacing these items if they would be damaged or destroyed by an insured peril. In buying new furniture to replace existing furniture, you do not necessarily always increase the cost of the item that is already contemplated in the total value. If however, your replacement is materially of a higher grade than that of what is being replaced, then notification of MJ would be prudent. As an insured, you are obligated to insure 100% value of your property and the insurance company is obligated to replace it at 100% of the value.