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 Posted: Fri Feb 25, 2011 3:56 am Post subject: theft, depreciation, insurance forms... HELP! |
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hello all,
my house was broken into yesterday and they got away with a bunch of electronics, Rock band and guitar hero controllers, gaming systems, and games, and a guitar.
This is the first time I have ever had to deal with this, so I am rather emotional and extremely in over my head.
The insurance co. sent me forms to fill out, but I am a little lost on what I am looking up for them with price. I know I get ACV and was told it was based on the federal depreciation table... (Where do I find this?) I have a fairly high deductible and am wondering if due to the age of some of the items it is even worth claiming them.
I'd like to get an idea of what I can reasonable expect to get back, as I need to purchase the items BEFORE how ever long it will take me to get a check and while I don't mind spending a little extra out of pocket I need to know how to budget.
Also, some of the items are computers. Should I use the original purchase price or what it would cost to purchase a relatively compatible laptop today or what it would cost to buy that exact same laptop today (provided that I can find it).
I'm sure I will have more questions, but any help on the above would be a great start. Thank you!
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emtie83
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| Posted: Fri Feb 25, 2011 6:17 am Post subject: |
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| Are you sure you don't have replacement cost coverage? Even if you did, the insurance company would pay actual cash value until you replaced the items... then they would pay the difference. You want us to tell you what an unknown item it worth? I'm not sure how to do that. I'm guessing the "federal" scale they are referring to is something that the IRS may put out. You may want to search on that. |
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tcope
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| Posted: Fri Feb 25, 2011 7:39 am Post subject: |
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Thank you for your response.
I wasn't looking for the actual item's worth from anyone who answers. I was just wondering if anyone had a link to the table the government uses for depreciation and if anyone knows whether I should use the original purchase price or what it would cost to purchase a relatively compatible laptop today or what it would cost to buy that exact same laptop today (provided that I can find it).
I know for a fact I do not have replacement cost coverage.
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emtie83
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| Posted: Fri Feb 25, 2011 5:11 pm Post subject: |
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First of all, I have never heard of any "government depreciation" tables that would apply in this instance. The Feds DO put out tables for income tax reporting purposes that deals with commercial and business property depreciation and taxes, but I have never seen anything that deals with personal insurance losses...
As to the coverage- Actual Cash Value (ACV) is defined as "replacement cost with like kind and quality minus depreciation." It doesn't matter what you paid for an item, what's it worth at the time of the loss? Certain things depreciate rapidly- like clothing, electronics and soft goods. Don't think your TV has depreciated in value? That 42" LCD that you bought 3 years ago for $1200 is now retailing at $500, and that's the basis for compensation.
I think you likely have replacement cost coverage- most renter's policies have this feature. Call your agent for assistance- that's the person who SHOULD be able to help you.
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InsTeacher
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