by Jewelz76 » Sun Oct 10, 2010 01:19 am
We lost our house due to a house fire about 1 1/2 months ago. We agree'd on our maxed insurance payout.. which in contents we didnt have enough to insure everything. Pretty much we took a 50,000.00 loss on contents. They now sent us a paper showing the face value of everything including depreciation. Now, my husband and I are really frustrated because our living room suite we bought was like 2100.00 and there allowing us 1379.00. They also allowed us stuff like dvd blue rays paid about 1800.00 . Kids savings they had about 1600.00 and they only gave us 200.00 (which the guy told us that there was like a cap on that of 500.00). They forgot one whole bedroom outfit. The paper work is just all screwed up. To long to list everything but you get the idea.
They are making us only get certain things but can't use the money for other stuff to compensate to add back the value.
I know we maxed out, but they literally are making us use that same amount they valued things to buy stuff that isn't of that same value anymore. And some things they don't make anymore. I am just so lost. I feel like I'm getting ripped off. Its not enough I lost everything in my home, but my insurance company really being a big jerk about it. My children and husband are living in a camper that is 30 feet. I'm just at my wits end. I'm ready to hire an attorney to get this crap straightened around, but its so costly. Its been really hard on us all.
They are making us only get certain things but can't use the money for other stuff to compensate to add back the value.
I know we maxed out, but they literally are making us use that same amount they valued things to buy stuff that isn't of that same value anymore. And some things they don't make anymore. I am just so lost. I feel like I'm getting ripped off. Its not enough I lost everything in my home, but my insurance company really being a big jerk about it. My children and husband are living in a camper that is 30 feet. I'm just at my wits end. I'm ready to hire an attorney to get this crap straightened around, but its so costly. Its been really hard on us all.
Posted: Sun Oct 10, 2010 02:44 am Post Subject:
OKay... skipping most of that... I'm I understanding that they are paying the policy limits? If so... you want them to increase the amount considered on certain items? If all of this is correct, how would it change anything?
Posted: Sun Oct 10, 2010 07:51 am Post Subject:
The "paper" they sent you should show the items...the replacement costs of the items and the actual cash value of the items. You replace an item with like kind quality (or the best you can do) and you get the difference. Some items you are not going to replace, some you might. If you think there are enough items not listed by them to make up your limits once purchased, let them know what is missing.
Posted: Mon Oct 11, 2010 01:35 am Post Subject:
As both tcope and Dasfuk have indicated, if your policy's personal property replacement limits have been exceeded by your loss (an indication that your structure's property value was probably too low also, since personal property coverage is a stated percentage of the structure coverage, such as 50%, 60%, or even 75%), you will not receive any amount in excess of those limits.
If your structural coverage was below the required 80% of actual value, all of your coverages will be reduced as the result of a "coinsurance" penalty. This could explain the "low" values reported in your adjuster's loss assessment.
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