Upgrade personal property?

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PostPosted: Mon Jul 02, 2018 3:40 am   Post subject: Upgrade personal property?  

Hi - we just had a house fire. We have personal property replacement value endorsement on our policy. I understand we will get ACV on our personal property and then can submit receipts for items we replace and get the recoverable depreciation.

I also understand you have to purchase essentially similar items for replacement, unless you can't, like replacing a CRT TV with a flat screen because you can't buy a CRT TV anymore.

My question: can I "upgrade" during this process and pay the difference out-of-pocket? For example, we lost an Xbox One. You can't buy an Xbox One new any more, but you can buy an Xbox One S for $225, which I assume would be the "similar" replacement. You can also buy an Xbox One X for $450. Can I buy an Xbox One X and then submit the receipt for $450, but only ask for and get reimbursed for the $225 replacement cost of the Xbox One S?

Similarly, for dwelling, could I do basically the same thing? We also have replacement cost coverage on the dwelling. So, for example, we have a room with carpet over hardwood floor. Could I collect the ACV for the carpet but then have the hardwood floors refinished instead, then submit to get reimbursed up to replacement cost of carpet and pay the additional cost out-of-pocket for getting the hardwood floor refinished?

Or, in these cases, I would have to settle for just ACV and pay all the additional costs out-of-pocket, surrendering my RCV?

Thanks for your help


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PostPosted: Thu Nov 15, 2018 12:38 pm   Post subject:   

Good to hear this

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PostPosted: Thu Nov 15, 2018 12:39 pm   Post subject:   

Thanks for the Information.

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