Someone broke into our garage last week and stole a ton of stuff including some really expensive tools. It would cost close to $15,000 to replace everything. I talked to our insurance agent and she said that we are lucky because we added the "replacement" coverage. She said that they will give us the price it would cost to buy everything used and then when we replace them they will give us the difference according to our receipts. We are worried that they will give us such a small amount that we won't be able to afford the difference even though we will be reimbursed. If they give us half the value, we would still have to come up with $7500 on our own and we just don't have that kind of money. How do they determine how much the stuff would cost used? We are insured with Prudential. Thanks, Kim
Oh, no sir!! If you have true "replacement cost coverage," you get the cost of everything new. Get your policy out and read that section. So if you had a Black and Decker VSR drill, you can go buy a new drill just like the one you had. If you don't understand what you're reading, scan that section of your policy and send it to me - I will check it for you.
They said that we would get the actual replacement. What worries me is that they are saying that we only get a portion of it until we actually replace it. We were wondering how much they usually give before you buy the new stuff. If they don't give much we are screwed since we can't afford to come up with the difference on our own while we wait for them to pay us back.
That doesn't make sense. Copy that section of your policy and send it to me. Let's see what the contract says, not the rep (who may have started working there yesterday, LOL). Where did the "used" idea come from?
That is standard for contents losses.Go to the store, buy what you need,have them hold it on invoice and have them send the invoices to the insurance claims dept for direct pay.
Really? Wow, I hadn't heard of that. I even had my own claims a few times - they just sent me a check for the value of the item. I think I'll keep my company.
heh ALLstate paid us WELL over the value was . like $199 for a dreamcast even though you could buy a used one for $69 at swapUSA. Allstate didn't ask how much the value for the item was, they wanted proof of payment. (I paid $5 + traded a 20gig drive for the dreamcast,fyi). They determine the value completely seperate of what you paid for it, but they want receipts for everything about $150 or over... Also remember there is like a $500 cash limit in case you happened to have left some bills out in the garage for whatever reason. There's no questions asked on cash or (change) left and stolen just be sure its on the police report. Even with the $500 deductible, with Allstates crazy pricing scheme, i ended up coming out a little on the profitable side of the burglary. Strange, but this is one time i didn't lie about anything, and insurance covered more than my butt..
They told me that receipts wouldn't ne to much of an issue. There is no way we have all of our receipts and almost everything stolen is worth over $150. One tool alone would cost $2500 to replace. A lot of the tools were purchased by my father in law many years ago and those receipts are long gone. I like the idea of having the insurance pay the dealers directly. That will save us a lot of grief. Kim
Don't bend over . They are trying to Shaft you. What happens if you buy the stuff and they don't come up with the rest of the money? Leaves you up S creek without a paddle doesn't it? If you had the money to cover the loss you wouldn't need the insurance. No sense sense paying an insurer when you're self insured.
