by nnwhite » Thu Nov 15, 2007 05:18 pm
We had an house fire in 05' I was told that I would get an depreciated pay first and then once I purchase the item I would get the total amout for what I claimed I payed for the item, I was also told that sometimes if its been years ago the value of something may have gone up and if so they said they would pay me the difference....for instance I purchased a nice oak wook bedroom suite back in 1995 at that time it cost me 3000.00 and when I went to replace that item in 2005 it cost me 6000.00 well after I purchased it through finiance.......they said that I was misinformed and that they could only pay me up to 3000.00 because that what I paid.....it didn't sound right still doesn't.......any thoughts
post edited as per forum norms
Posted: Thu Nov 15, 2007 07:29 pm Post Subject: House Fire
I know Lori will get into this one, so I will keep it short.
First of all, are you in the United States?
If so, was your claim under a "Renters' Policy" or a "Homeowners' Policy?
One will pay on an "Actual Cash Value" or depreciated value basis, the other may pay on an "Actual Cash Value" basis or a "Replacement Cost" basis, according to the terms of your policy.
If you could answer these questions we might help you more.
Posted: Sun Nov 18, 2007 05:47 pm Post Subject:
well i dont think u would be getting more than 3000 as to my oppinion company only pays for the loss that u have occured for which u had paid ........ i mean it only pays for a commodity to that much extent upto which u had paid for it when u purchased it ..................
so try but i dont hope that u would get the money on 6000 basis as company doesnt pay for hike in price..............
Posted: Mon Nov 19, 2007 08:45 am Post Subject:
I was told that I would get an depreciated pay first and then once I purchase the item I would get the total amout for what I claimed I payed for the item,
By whom? Have you received anything in written from the insurer confirming that they will pay the differences?
As Insurance Maze has stated the compensation you will receive depends upon the type of coverage you have purchased. Most of the homeowners insurance pay by the Actual Cash Value amount. If your policy is of this type then its unlikely to receive the full amount for the loss (it will deduct the depreciating factors).
IMO you need to go through the policy document to understand the coverage amount.
Posted: Mon Nov 19, 2007 11:05 am Post Subject:
Ok a few things, first the poster and ins company are correct the insured will get ''the rest'' if they replace the damaged/lost property within the prescribed time frame, (replacement value)...
second...intelligentassasinator,
it only pays for a commodity to that much extent upto which u had paid for it when u purchased it ..................
you are incorrect---lastly, I don't understand how this post got here, this is a section of a prior thread pulled out, cut and pasted as a post here...(?)
please look here.......
http://www.ampminsure.org/claims/carpetissue.html
Posted: Mon Nov 19, 2007 11:40 am Post Subject: Clarification
lastly, I don't understand how this post got here, this is a section of a prior thread pulled out, cut and pasted as a post here...(?)
Hi Lori,
You are correct, the OP had posted the same post in two places. First, in the thread that you mentioned and the second in this very thread. Had InsuranceTeacher not replied to the post there, it could have been split by the mods. But as it was replied to, it may be that one of the mods had to quote the post here.
Hope its clarified now. :)
Thanks,
Lakemen
Posted: Mon Nov 19, 2007 12:38 pm Post Subject:
Thanks, Lakemen, that does clarify, I was wanting to make sure that the 'new' responders to this question had the benefit of reading/reviewing the excellent repsonses given by the InsTeacher... :)
Posted: Mon Nov 19, 2007 12:42 pm Post Subject:
You are welcome Lori. Here is InsTeacher's post >>
http://www.ampminsure.org/claims/carpetissue.html#11984
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