| Message |
Author |
|
 Posted: Sun Sep 28, 2008 6:20 pm Post subject: wh had a theft in |
|
|
wh had a theft in our house. we have replacement value for our things and we were just wondering what our rights were if we decided to take a cash payout?
_________________
Register Now to have your Insurance queries solved. |
|
Guest
|
|
| Posted: Sun Sep 28, 2008 11:33 pm Post subject: |
|
|
| You have the right to accept actual cash value for the items that are not replaced. |
|
tcope
Forum Expert
Joined: 22 Nov 2006
Posts: 5066
Location: Salt Lake City, UT
272.53 Dollars($)
|
|
| Posted: Mon Sep 29, 2008 12:26 am Post subject: |
|
|
Slow down tcope...I"m writing all this down.
_________________
Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. - Ferris Bueller |
|
LifeIsGood
Senior member
Joined: 22 Sep 2008
Posts: 580
1.29 Dollars($)
|
|
| Posted: Mon Sep 29, 2008 6:19 am Post subject: |
|
|
The replacement cash value policy, replaces the damaged items without making any deduction for the depreciations in the product values. Now, if you decide to take a payout instead of replacing the damaged items the insurance company will write you a check on the actual cash value of the goods instead. Hence, IMO you'll not be better off by accepting the pay out check.
Just check all the options available to you to make a well informed decision. |
|
jeorge
Senior member
Joined: 07 Oct 2005
Posts: 808
132.58 Dollars($)
|
|
| Posted: Mon Sep 29, 2008 11:41 am Post subject: |
|
|
As Tcope said you have the right to receive the replacement value of your lost/stolen items...however just a heads up many if not all policys have limits on certain property that is 'stolen'.
| Quote: | | Slow down tcope...I"m writing all this down. |
_________________
"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
|
Lori
Moderator
Joined: 10 Sep 2007
Posts: 8173
Location: Missouri
287.90 Dollars($)
|
|
| Posted: Mon Sep 29, 2008 11:55 am Post subject: |
|
|
Yes, if only the policy is a guaranteed replacement cost coverage, the insured may receive the full value of the items without losing any value on depreciation. The guaranteed replacement coverage policy, replaces the damaged or stolen items even when the price of the good crosses the policy limit. Obviously, its more expensive in terms of premium than the actual cash value coverage.
Another form of replacement cost coverage is the extended replacement cost coverage. It promises to cover the policy holder only beyond a certain percentage of the policy limit. Hence, you may have to clarify the extent of the coverage you may receive.
Thanks,
Rupert |
|
RupertWBradson
Senior member
Joined: 05 Jul 2007
Posts: 703
131.50 Dollars($)
|
|
