1. A computer-implemented method for determining whether to repair or replace an insured item insured under a homeowners insurance policy, the homeowners insurance policy insuring against losses to a home and contents of the home and the loss of use of the home and other personal possessions of the insured homeowner, issued by an insurer, of an insured with an outstanding insurance claim, said method comprising the steps of: receiving by a computer system information relating to the personal possession, including make, model and age; acquiring by the computer system, employing the received information, information related to the repair cost of the personal possession insured under the homeowners insurance policy, including an estimated cost of repair and a probability of acceptance by the insured of the personal possession if repaired, the probability of acceptance having a value in a range from zero to one, inclusive; determining by the computer system the repair cost of said personal possession insured under the homeowners insurance policy, based on at least the determined estimated cost of repair multiplied by a factor based on the probability of acceptance, the factor based on the probability of acceptance having a value of one for a value of the probability of acceptance equal to one, the factor based on the probability of acceptance having a value of greater than one for a value of the probability of acceptance less than one; acquiring by the computer system information related to the replacement cost of said personal possession insured under the homeowners insurance policy, including cost of a replacement for the personal possession and a salvage value of the personal possession; determining by the computer system the replacement cost of said personal possession insured under the homeowners insurance policy, based on at least the cost of the replacement for the personal possession less the salvage value of the personal possession; comparing by the computer system said replacement cost of said personal possession to said repair cost of said personal possession insured under the homeowners insurance policy; and responsive to determining by the computer system in the comparing that the replacement cost is greater than the repair cost, determining by the computer system that repairing said personal possession insured under the homeowners insurance policy fulfills an obligation of the insurer to the insured at lower cost and responsive to determining by the computer system in the comparing that the repair cost is greater than the replacement cost, determining by the computer system that replacing said personal possession insured under the homeowners insurance policy fulfills an obligation of the insurer to the insured at lower cost.