wh had a theft in our house. we have replacement value for our things and we were just wondering what our rights were if we decided to take a cash payout?
Total Comments: 5
Posted: Sun Sep 28, 2008 11:33 pm Post Subject:
You have the right to accept actual cash value for the items that are not replaced.
Posted: Mon Sep 29, 2008 12:26 am Post Subject:
Slow down tcope...I"m writing all this down.
Posted: Mon Sep 29, 2008 06:19 am Post Subject:
The replacement cash value policy, replaces the damaged items without making any deduction for the depreciations in the product values. Now, if you decide to take a payout instead of replacing the damaged items the insurance company will write you a check on the actual cash value of the goods instead. Hence, IMO you'll not be better off by accepting the pay out check.
Just check all the options available to you to make a well informed decision.
Posted: Mon Sep 29, 2008 11:41 am Post Subject:
As Tcope said you have the right to receive the replacement value of your lost/stolen items...however just a heads up many if not all policys have limits on certain property that is 'stolen'.
Slow down tcope...I"m writing all this down.
:lol: :lol: :lol: :lol:
Posted: Mon Sep 29, 2008 11:55 am Post Subject:
Yes, if only the policy is a guaranteed replacement cost coverage, the insured may receive the full value of the items without losing any value on depreciation. The guaranteed replacement coverage policy, replaces the damaged or stolen items even when the price of the good crosses the policy limit. Obviously, its more expensive in terms of premium than the actual cash value coverage.
Another form of replacement cost coverage is the extended replacement cost coverage. It promises to cover the policy holder only beyond a certain percentage of the policy limit. Hence, you may have to clarify the extent of the coverage you may receive.
Posted: Sun Sep 28, 2008 11:33 pm Post Subject:
You have the right to accept actual cash value for the items that are not replaced.
Posted: Mon Sep 29, 2008 12:26 am Post Subject:
Slow down tcope...I"m writing all this down.
Posted: Mon Sep 29, 2008 06:19 am Post Subject:
The replacement cash value policy, replaces the damaged items without making any deduction for the depreciations in the product values. Now, if you decide to take a payout instead of replacing the damaged items the insurance company will write you a check on the actual cash value of the goods instead. Hence, IMO you'll not be better off by accepting the pay out check.
Just check all the options available to you to make a well informed decision.
Posted: Mon Sep 29, 2008 11:41 am Post Subject:
As Tcope said you have the right to receive the replacement value of your lost/stolen items...however just a heads up many if not all policys have limits on certain property that is 'stolen'.
Slow down tcope...I"m writing all this down.
:lol: :lol: :lol: :lol:Posted: Mon Sep 29, 2008 11:55 am Post Subject:
Yes, if only the policy is a guaranteed replacement cost coverage, the insured may receive the full value of the items without losing any value on depreciation. The guaranteed replacement coverage policy, replaces the damaged or stolen items even when the price of the good crosses the policy limit. Obviously, its more expensive in terms of premium than the actual cash value coverage.
Another form of replacement cost coverage is the extended replacement cost coverage. It promises to cover the policy holder only beyond a certain percentage of the policy limit. Hence, you may have to clarify the extent of the coverage you may receive.
Thanks,
Rupert
Add your comment