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cahyegirl | If I have replacement cost coverage on my homeowner's insurance, can the co deduct for depreciation? |
My house was robbed and I'm dealing with the ins company and they're telling me they deduct for depreciation - BUT my understanding was that replacement cost coverage meant there was no depreciation deduction and that's why I got that coverage. They are also telling me I can recoup the "recoverable depreciation" but only once I go out and buy all of the things that were stolen and submit the receipts. Is this how it works?Anyone out there have any experience with this? I'd greatly appreciate it.
Additional Details
I want to thank everyone who answered, you've all provided me with valuable information and it will be hard to decide the best answer, because they were all great! Thanks! |
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mbrcatz
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On the standard policy, you can have replacement cost coverage on the Dwelling, the Contents or both. So verify if your replacement cost applies to contents, first.
Next, when you DO have replacement cost on contents, on the standard policy, they initially pay out actual cash value (depreciated amount) and you have 180 days to actually REPLACE the items, then you send in the receipts and they pay the difference.
So yes, it sounds like you have replacement cost contents, as that's how it normally works. One thing to watch out for - the like kind and quality bit. If you replace a 19 inch tv with a 32 inch plasma tv, you will NOT get the difference in cost between a 19 inch and 32 inch. But you SHOULD get the difference between the 19 inch new, and the 19 inch old that was stolen. |
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Candice
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Unfortunately, yes it is. Replacement cost coverage is just that-replacement cost. Insurance companies have a replacement cost calculator that calculates your replacement cost, which does include depreciation. I would strongly suggest providing receipts, and keep copies of the receipts for your files. Also, many homeowners policies give premium discounts if you have a monitored alarm system. If you are worried about future burglaries I would suggest getting a monitored alarm. Not only will this make you feel safer, and avoid future insurance claims, but you may be able to get a lower premium. Good luck.
FYI... I'm an insurance underwriter. |
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MaddyRO
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The company is actually telling you the truth. A "replacement cost" policy does guarantee you the full replacement cost, but it only pays when you incurr the cost - replace/repair the items/damages. It's absolutely standard.
Good buying. |
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DFK
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Insurance is a product of indemnification. To indemnify you as a customer for what was lost and put you in the same position you were prior to the loss.
In other words...you are buying a product (insurance policy ) to "replace" what was lost. The policy only pays replacement cost valuation on covered items like the House , contents etc. If you decide that you would rather have the proceeds to buy or replace the damaged item with something different or just keep the cash...then the policy states that the company will pay you based on Actual cash value ...or replacement cost LESS depreciation. If you replace in the same like ,kind and quality as before then the company will upon proof...reimburse you for the remainder ...up to the replacement cost value not exceeding the limits in your policy.
It pays to read your policy....even though it can be boring. |
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Neki
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yes my friend dealt with the same situation as yours recently.
what she did was...she went to buy all the stuff she lost from the robbery. She gave all the receipts to the insurance company afterwards so it's all new. Depreciation they deal with that but if you go to buy what was robbed , then it's all new and the co can't do anything but to pay you the amount you spent to cover up your loses. On jewelries, you have to provide them proof of having them like pictures or receipts if u still have them then they will pay you certain amount but not 100% recovery. But at least if you go to buy yourself, you will have new ones and insist that those replaces what you have lost. Simple as that. My friend fought for it and they won. Hey you paid your dues...you have deductible as such ...so it's just right for you to fight for it. |
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