Theft instead of Burglar alarm: Insurance refused

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PostPosted: Mon Apr 08, 2013 12:10 pm   Post subject: Theft instead of Burglar alarm: Insurance refused  

We had a burglar alarm placed in our house. In spite of the fact, the unavoidable happened and we lost some serious fortunes. Around $25,000 was there for my son's college admission that was scheduled for the next day. Now we are completely helpless. We even called the police and following that made a claim to our insurance company. But they are saying that they won't provide any coverage as the money was not listed on the policy.


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Frieda
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PostPosted: Mon Apr 08, 2013 12:48 pm   Post subject:   

You had $25,000 in cash in your home to pay for college? Do you know that there is something called a "check" or "money order"?



I doubt your insurance company is denying your claim and I doubt they are stating money needed to be scheduled. More likely they pointed out that your policy has a limit of $200 (might be $300) on cash. It's clearly spelled out in the contract/policy.

tcope
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tcope
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PostPosted: Mon Apr 08, 2013 1:32 pm   Post subject:   

Storing money at home for some purpose is an age old idea. Which age are you living in? Still, if the money has been stolen, the insurance company might be sensing a attempt of insurance fraud here.


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PostPosted: Tue Apr 09, 2013 9:39 am   Post subject:   

Quote:
the insurance company might be sensing a attempt of insurance fraud here.
This is unlikely. tcope's response makes more sense. Cash is usually only afforded minimal protection at best, because there is no way to verify the amount claimed. So the insurance company simply falls back to the limitations of the policy, and a cash loss would be subject to the deductibles in the policy, which could negate any recovery if that is the only thing lost.



It is certainly suspicious that the money was on hand to be used the "next day", but not an absolute indication that insurance fraud was being attempted.


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