ARGH!!!!!! Insurance company and replacement value

[mrspunkysmom]

So why have I been paying a premium based on the full replacement value of my household inventory if it is first depreciated by my company? Sounds like theft to me and I've told them that. I've mostly kept up with it and increased the coverage due to inflation and additions. My policy is for $29 000 on household inventory. My claim is for around 1100 and I've even been honest and told them more was taken but I can remember exactly what at this time.

This is the first claim against this policy ins 20 some years. I have an auto policy with them and have made only two claims in 25 years. First was an accident 22 years ago and two years back a rock damaged the windshield.

Odd;y your claim paperwork doesn't tell you these things and the fine print is too muddle to clearly understand.

any ideas, folks?

[Karen]

Ask to speak to a supervisor. If that doesn't work, call the head of the company's office. Be persistent - paying OUT claims is not something they focus on, but it needs to be done! And check out http://www.iii.org - it is a nonprofit Insurance Information Institute, and the President of it happens to be a childhood friend of mine, although he insisted on being called Robert, not Bob back then! We both played saxophone in marching band, and bickered so much the third player in our grade sat between us just so we'd actually play!

[mrspunkysmom]

Thanks Karen.

[mrspunkysmom]

So how does one talk to your friend and or his company?

Interesting info on his site. I sent the link to my agent.

[Karen]

I recently reconnected with him through Facebook, but there are several ways on the iii site to contact him if you want! I posted their Hurricane Prepardeness info here on Pet Talk!

[mrspunkysmom]

The page I get has no contact info on the page. Facebook does not allow posts. I signed up to be a subscriber. nowhere is contact mentioned. I do have a twitter account that is seldom used. I do suppose it was too much to expect any help.

State Farm actually highlights their sections now on explaining why you have depreciation. It clearly says that replacement value insurance has depreciation.

I suppose we should read the contract to make sure, but who does that? Something like this should be stated up fron and clearly stated on the policy statement, not buried undecipherable legal speak.

[mrspunkysmom]

Well, I complained to the BBB. At least it will annoy them.

[Karen]

http://www2.iii.org/about-us.html - try that page, and if you see the list of people click on the one whose title seems most appropriate for your specific question, okay?

[mrspunkysmom]

http://www.iii.org/media/photos/bobh/

But it doesn't have his email address.

And this institute isn't what you think. You have to be an insurance agent to belong. It's a corporate site, not intended to help consumers. If it weren't, I would be able to contact them and ask for help or advice.

Thanks for trying to help.

[Cataholic]

Don't waste your time with sites on the internet, or the BBB. The policy controls the relationship, not the sites. No matter who you call, or which supervisor you talk to, the policy governs the relationship. And, the number of claims you make (or don't make) doesn't control the coverage you get. Find a top-notch insurance company (like Amica Insurance) and you will find that they do focus on claims and customer service. Are they pricier than other companies? Perhaps, but you get what you pay for. I never understand people that hesitate to put in legit claims against their policy. It is what you pay the premiums for. Like having medical insurance but never going to the doctor.

If you have replacement cost coverage- and not everyone has it- you DO get replacement cost, but you have to first actually replace the item. Otherwise, you get paid the actual cash value of the item (which is replacement cost minus depreciation). Sometimes, there is a time limit in which you have to replace the items.

If you do not have replacement cost coverage, you get the item less depreciation- the actual cash value of the item. If you bought an item 10 years ago, it isn't worth the same price as it was when it was new, or if it was new. Think about it. You wouldn't pay top dollar for a ten year old car, or even a three year old car, would you?

Stick with the adjuster, work with him/her. They do want a closed file. There is some subjectivity in the valuing of items. AND, you are foolish to not recollect every single item and make a claim for every single item.

[mrspunkysmom]

Don't waste your time with sites on the internet, or the BBB. The policy controls the relationship, not the sites. No matter who you call, or which supervisor you talk to, the policy governs the relationship. And, the number of claims you make (or don't make) doesn't control the coverage you get. Find a top-notch insurance company (like Amica Insurance) and you will find that they do focus on claims and customer service. Are they pricier than other companies? Perhaps, but you get what you pay for. I never understand people that hesitate to put in legit claims against their policy. It is what you pay the premiums for. Like having medical insurance but never going to the doctor.

If you have replacement cost coverage- and not everyone has it- you DO get replacement cost, but you have to first actually replace the item. Otherwise, you get paid the actual cash value of the item (which is replacement cost minus depreciation). Sometimes, there is a time limit in which you have to replace the items.

If you do not have replacement cost coverage, you get the item less depreciation- the actual cash value of the item. If you bought an item 10 years ago, it isn't worth the same price as it was when it was new, or if it was new. Think about it. You wouldn't pay top dollar for a ten year old car, or even a three year old car, would you?

Stick with the adjuster, work with him/her. They do want a closed file. There is some subjectivity in the valuing of items. AND, you are foolish to not recollect every single item and make a claim for every single item.


The claims dept actually dropped the ball on this one. I'd call to enquire and get, "it's in process right now." They didn't even have my paperwork yet. My agent never called. I was treated rudely, called a liar, interrupted a lot, and redirected nowhere I asked to speak to a supervisor. It appears that claims was trying to cover up their mistake.

Oh I am finding every single item and will file on every one of them. If I was employed full time, replacing the items wouldn't be a big deal. But I can't pay basic bills as it is. I have seriously downsized my life, and it's still too much money that is required. So I figured I could collect the money and replace what I could afford. I've even been honest about what was actually taken. I do have replacement cost insurance.

I am slowly thinking of other items that were in the shed, on the porch, and in the yard. I have to fill out an inventory and first I get cash-value minus depreciation and deductible. Then as I submit claims over two years I get the difference.

I applied for a new agent today. Will have one when the transfer comes through. My agent abandoned me. They said they doesn't get involved in claims cases as it confuses things. I've never had a claim as I have never needed to do so. Advice would have been nice.

I found someone with whom I can relate. She is the mother of a young friend from the pet supply store.

Thanks for the help, Cataholic.

[mrspunkysmom]

ARGH! So I'm trying to take out my rather small 403 B. It's small but would do rather nicely right now. Valic refuses to surrender the money unless a former employer (12 years back) can verify that i am not married. WTH?