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jbmeyer13
Joined: 03 Dec 2010
Posts: 1135
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| Posted: Thu Feb 28, 2013 10:50 pm Post subject: Insurance claims on electronics |
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For those who have had electronics stolen from their home what type of experience did you have with your insurance company? If you did not have receipt for an item purchased within the past 10-years, did you have difficulty getting full replacement value? Do you have the right to a new comparable replacement (since model lines change)?
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Phoenixed
Joined: 13 Oct 2011
Posts: 514
Location: The mitten
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| Posted: Fri Mar 01, 2013 6:54 am Post subject: |
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When my AC unit was stolen (The condensing unit outside the house), they replaced it with no hassle. When my Wii and Ipod touch (among other things) were stolen they wanted proof I had them and only gave me a replacement value which was nothing compared to a new store bought one. My insurance told me they will essentially pay to replace said item with it or a similar item of equal value. I thought that was all part of them having to return your lifestyle to where your lifestyle was before the incident happened. Isn't that a law?
Used the word lifestyle, but I know theres a better word or term to use
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AnalogRocks
Forum Moderator
Joined: 08 Mar 2006
Posts: 26706
Location: Toronto, Ontario, Canada
TV/Projector: Sony 1252Q, AMPRO 4000G
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| Posted: Fri Mar 01, 2013 12:24 pm Post subject: |
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Depends if you have replacement cost insurance or not.
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kal
Forum Administrator
Joined: 06 Mar 2006
Posts: 18114
Location: Ottawa, Canada
TV/Projector: JVC DLA-NZ7
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| Posted: Fri Mar 01, 2013 2:20 pm Post subject: |
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There's no "law" about it. You need to read your insurance agreement. It's whatever agreement you have in place and pay for.
If you have questions as to what's covered or what the terms are, call 'em. The legal-eze is sometimes hard to understand so I've called my insurance company before to clarify by giving them "what if?" type situations to make sure I'm covered.
Theft/loss of portable items like phones, MP3 players, etc is usually different because they get lost/stolen so often.
Kal
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draganm
Joined: 08 Mar 2006
Posts: 8990
Location: Colorado
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| Posted: Sun Mar 03, 2013 4:18 pm Post subject: |
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I got a letter from my insurance company saying they were switching from replacement value to actual value, I got rid of them quickly.
actual value insurance isn't insurance, it's a legal scam
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Spanky Ham
Joined: 22 Mar 2006
Posts: 5643
Location: Comedy Central
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| Posted: Sun Mar 03, 2013 5:10 pm Post subject: |
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How do they determine actual value?
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mp20748
Joined: 12 Sep 2006
Posts: 5689
Location: Maryland
TV/Projector: 9500LC Ultra / Super 02 and 03 VIM
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| Posted: Sun Mar 03, 2013 5:55 pm Post subject: |
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| Spanky Ham wrote: | | How do they determine actual value? |
They will determine it, if you don't. Actually you can't determine the value, but you can get the value determined and they will or usually honor it.
Insurance claims is one of the things I've been doing for some time now. I did one a few months ago for a Marquee 9500 that was surge damaged. I was able to set the value for it, and the insurance company paid that exact amount. I have another that I'm working on, but this one is water damage. that too has already been approved for the exact amount I valued it at.
It really doesn't matter if its replacement or present value, its all about getting it properly evaluated to determine condition of damage and working value. In the case of the OP. I would not be able to help, because I've never seen any of the items in question. If i had any knowledge of the items, I could value them. And the value has nothing to do with age. A lot of things can be considered. For instance, one of the Marquee I did a report for, I valued it near $8000.00. I got a few calls from the insurance company, and they then honored the claim. The second one is somewhere near that same amount, but slightly more. Again, a call from the insurance company and boom - done deal. And this Marquee was an 8500AC, and because it had special modifications done to it, they were included and excepted. I actually did most of the equipment in that same HT system.
In the past ten years I've only had one refused, to me then had the owner shoot the report to the Power utility company. And the only reason why it was denied was because that was the third claim filed on the same Marquee, and I've been able get up to $12,000 for a Marquee.
My reports have all been about either water, surge/electrical or storm damage.
It's really all about documentation and getting the item properly verified for value.
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Elaine Benes
Joined: 25 Apr 2006
Posts: 1416
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| Posted: Tue Mar 05, 2013 2:54 am Post subject: |
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| draganm wrote: | I got a letter from my insurance company saying they were switching from replacement value to actual value, I got rid of them quickly.
actual value insurance isn't insurance, it's a legal scam |
ABSOLUTELY agreed !
I have replacement value insurance and when my very first projector, a Sony, video only unit was damaged by lightening, my insurance paid out $12,500. for it...even though I'd bought it at a garage sale for $130. I told my insurance broker all the details, he said to me it didn't matter at all, that the replacement cost was all that mattered, the "equivalent" unit, a Sony VPH-D50 was the lowest end CRT projector at the time. Thank GOD I had a good insurance broker who always made sure I had a good product. He retired a few years ago, and his replacements haven't cared enough about my insurance to even call a single time...
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