Insurance claim for theft of electronics from my home.?

Someone stole a laptop, TV, CD's, XboX from my house. I filed a police report and claimed the items with the insurance company. They said they would pay me the replacement cost of the items stolen - does this mean they will pay me the depreciated cash value, and then makeup the difference when I provide receipts? Also, what is to stop me from claiming my items were not a lot more expensive than they were, or that I added certain "upgrades" etc? No receipts or photos were provided for any of the items (3 year old IBM ThinkPad, 7 year old tube TV, old xbox). Does this basically give me free reign to go out and purchase much better items than I previously owned, or will I need to provide ample proof before they will reimburse me for that LCD TV and new top of the line IBM thinkpad?

(using myself as a pseudonym)

Thanks in advance!

Home insurance is actually very flexible. I'm not familiar with all the fine print of my policy, but my home insurance agent is always helpful. Try calling your agent or a agent in your town. http://www.goodinternetdeals.com/Home-Insurance.html They should be able to help you.

The insurance companies are very experienced at identifying fraudulent claims. I'd think twice if I were you.

Exactly - they pay you depreciated value up front, and after you replace them, you get the difference.

It's going to be like kind and quality, based on the descriptions you've previously given, up to your policy limit, minus the deductible of course.

How many different XBox styles are there, anyway?

Check your policy to see if you have replacement cost or ask your agent.

If you have replacement cost the insurance company will give you the amount it cost to replace those items. They expect you to be honest.

you got it right, they pay depreciation until your show you have replaced items. as far as claiming you have "upgrades" on things you don't, you may run into the problem of them then wanting proof of those upgrades. they also will do a check of their own as to how much the items cost. they are not going to just pay you "willy nilly" according to whatever you say it cost. what you are talking about is called insurance fraud and if caught you won't be thinking it was such a great idea. stick to the facts and don't try to rip off your company.

Yes, it is traditionally the depreciated value as "seed" money and then once you provide receipts then they will give you Fair Market Value of the balance.

Fair Market Value refers to the average for similar like object. Like Aspirin has 6 different name brands that range in price, they take the average of those items or sometimes the lowest sticker price for the comparable aspirin

The purpose of insurance is to help you RECOVER but not to gain profit from. Therefore, if you elect to upgrade from that 27" TV to a HDTV 52" Flat screen, expect to get the fair market value of the 27" TV and the balance is on your bill

Therefore, you will most likely get the entry cost of your IBM ThinkPad since those type of electronics out mode itself quickly. Some policies have maximum limit pay out for electronic theft. This means it could be a lump sum payout for $1,000 to as high as $5,000 unless the policy ENDORSEMENT allowed for scheduled property theft or extended theft coverage. Why it is important to look at your policy under Property ELECTRONIC to see what the standard is and then an ENDORSEMENT page for what may be offering above and beyond.

Otherwise, your insurance agent should be able to tell you it's limit allotment for times of theft on your policy. Cash theft is usually $200 lump sum payout and Jewelry $1,000 - $2,000 again varying among companies

How many different Xboxes? - 4
Original Xbox currently $129.99
Xbox 360 entry grade $299.99
XBox 360 (I forgot the middle but it has more gigs) $399.99
XBox 360 Prime has the coupe de gras of gigs for $499.99

You will most likely be allotted for the original XBox since those are still available for sale

So purchase wisely where it won't be a financial burden if you don't get the full amount for any upgrades you may be thinking about

EDIT ADD:

since I live in a hurricane state and the potential for total loss is statistically "most likely gonna happen", I have trained all my homeowners to once a year to video record or take pictures and place them in a freezer moisture resistant ziploc bag with an extra copy of the policy. Picutres are the best evidence of proof of ownership /possession of your things. Take all 4 walls and from the doorway for point of reference of each room, open closets, drawers and pricier items place on a monocolor material to get good photos.

Why yearly? Natural human behavior is we add or take away the items within our home. Take pictures of all 4 sides of the exterior home, sheds, detached structures, swimming pools, and your cars.

Don't forget to claim any property damage caused by the break-in (change of locks, door jamb damage, broken windows, paint, etc. that may have been affected. Many homeowners in hindsight forget to add those as the initial shock of contents items stolen tend to overtake the thinking. Rule 1, all claims ar amendable as well while they are active

Good luck

If you have replacement cost coverage on your personal property, they should give you enough money to buy new things from local stores. If your stolen items are no longer being sold new (ie. xbox), they will try to find the closest comparison (xbox 360) and give you enough money to purchase those items.
I know it is tempting to try to claim a 62" plasma tv, but honesty is not only the best policy, it's the law. If the insurance company finds out you were fraudulent, not only will they deny the claim altogether, you could be facing a felony charge of fraud. It's not worth it, just be happy with the amount you will be getting. It should be plenty.

If you have REPLACEMENT coverage - they will pay you "new for old" - like MBRCATZ stated, they normally pay you SOME of the money up front and once you actually REPLACE the item....they will send you another check.

THIS procedure helps "keep you honest."

Goof luck and I hope this helps!

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