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whistlebritches_17 | I have state farm insurance and have renters insurance, and my water heater burst and my apartment was flooded |
I filled out the papers, but I am just worried that I won't be able to replace everything that I lost because I know that they will probably factor in the depreciation value of items. The majority of items are only between 2 months and 3 years. However my bedroom set was an antique and given to me by my grandmother. I am really worried that I won't be able to replace all the things I lost with the same items. I figured up everything I have put down and it came to around 8100. I am just worried that I will only get like 2 or 3k to replace all my stuff. Can anyone let me know if I am being paranoid or have a valid worry? |
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jmmy_crackscorn
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Time will tell.
http://www.statefarmstillsucks.com |
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fighting saints
 |
The answer depends on whether you have replacement cost (RC) coverage on your personal property. Look at your policy declarations page and see if you have the RC coverage.
If so, then you don't have much to worry about, except arguing over the value of the antique bedroom set.
For MOST policy's it will work like this -
1. You list out all the damaged items and their ages
2. The company will determine the acceptable RC for the items.
3. The company will apply depreciation to the items based on their age.
4. They will pay you the depreciated value upfront then pay you the balance after you provide receipts showing the item has actually been replaced.
5. You normally will have 6 months to replace the items and collect the balance of the value of the items.
Good Luck |
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mbrcatz
 |
As long as you had replacement cost coverage on your policy, it shouldn't be an issue. Also, if no one has told you, DO NOT throw away anything.
The way replacement cost works, they pay you actual cash value, you replace the item and submit the receipt, they pay you the difference. |
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Kate T.
 |
did you take pictures of this bedroom set you got from your grandmother ? if you did then you can go to an antiques store and they can appraise it for you and then you can take the info you got and give it to the insurance company and they should be able to give you at least half the value of this set . good luck I know how trying this can be . |
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ernesto_tig
 |
You'll have to file under YOUR policy, your landlords policy covers him and if you want coverage, you'll have to sue her. Your company may subrogate, but that's for them to worry about.
If you policy is written for replacement cost, your items will not be depreciated. The antique items will be trickier and recovery be restricted by policy limitations on antiques.
Get your claims people at State Farm working and stop being paranoid. At least you had a renters policy. |
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sortaclarksville
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When you took out your policy, you took it out for a specific amount (probably $10,000 or $15,000) worth of contents based on what the replacement value of your items was at the time. State Farm will pay up to that amount for your property that was damaged. If the value of your damaged contents is valued at higher than that, then that is all you will get for it. To determine how much the bedroom suite is worth, they will have it appraised. They will have to pay you the appraised value for it (if it is a total loss) or the cost of having it refinished.
There are two types of insurance - replacement and value. So, it depends on which type of policy you have. With replacement, they have to pay whatever it costs to replace the item. With value, they only have to pay you what the current value of the item was at the time it was damaged.
Replacement insurance is well worth the few extra dollars that it costs.
Unforunately you probably can't rely on the landlords insurance to cover any additional costs as there is probably a clause in the lease stating that they are not responsible for damage to your personal items. You were wise to buy a renter's policy. So many people assume the landlord's policy will pay for damage to their items when in fact it almost never does. You see this all the time on the news where families are burned out of their apartments and learn the hard way that their items won't be replaced.
You didn't say whether your value of $8000 was based on what it would cost you to replace everything or if that is what it is valued at today. If that is your replacement costs, and you have replacement coverage and your replacement policy was for over that amount, you have nothing to worry about.
You appear to be pretty smart on this, though, so I have a feeling you are adequately covered. |
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Your Property Path
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First, the water heater may be the landlords responsibility unless you were somehow negligent. I would ask to see if his property insurance covers and of the damages to your assets.
Second, renters insurance offers different kinds of coverage. Here are the two basic types of coverage
Actual Cash Value vs. Replacement Cost
1. Actual cash-value coverage means the insurance company will subtract depreciation and wear and tear from the value of your property. Basically, you get what its worth today, not when it was new.
2. Replacement cost coverage pays the full cost of replacing your property, minus your deductible. You can usually add replacement cost but the cost is higher. But you are will be able to go out and replace it.
Talk to your agent and get the guidance you need.
Good Luck! |
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wifey
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I think that you have a valid worry. Hopefully everything was listed on your policy that was destroyed. |
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vangorn2000
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You are correct in that depreciation is factored into what you own. Unfortunately, unless you have written receipts/appraisals of your damaged possessions, it will be the apprasier contracted by the insurance company who decides what they were really worth, and you're not going to get the full value of what it would cost to buy all new equipment. |
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