by brb28054 » Tue Nov 16, 2010 01:11 am
I have home owners insurance with Homesite/GMAC, about 2 months ago, our storage building was broken into. They stole $3000.00 generator, $1200 pressure washer and $600 Dewalt Tool kit consisting of 4 items, drill, circular saw, drill, light and hammer drill.
I have Replacement Cost insurance...I have been fighting with the insurance company for a couple months now. Simple claim but taking forever ( so it seems to me anyway)... I sent them photos, bank statements showing monies taken out around the times of purchase. I do not have original receipts being that i shop alot on craigslist , yard sales, flea markets etc. This is the case with these items. Generator purchased at a flea market 2 years ago, same as pressure washer, and Dewalt tool kit purchased off craigslist.
in total, if you consider what it would cost to replace all items new, cheapest ive researched and found would be a total near $4800.00...Finally, today i received an email from the claims adjuster and I AM LIVID..
She sent me a pdf file showing the breakdown...They are giving $500 for the generator $200 for pressure washer, and $300 for tool kit. after depreciation of 10% they are sending me a check for a little over $700 and keeping $134 for 180 days, when i send receipts showing i replaced the items, i then get the $134...
My problem is this: in the form she sent me, it shows where they have researched the items and they provided links to the websites showing the items...For the Dewalt tool set, they have one link to a craftsman 14 volt drill, another site showing a cheap ryobi 14volt circular drill $29.00, another site with a no name brand cheap hammer drill AND another site showing a $9.00 hanging aluminum lamp???? why are they NOT giving the prices and researching the actual Item "Dewalt 4pc Tool Kit" easily found at homedept. Not to mention i stated to them the model numbers and sent them pictures i had when i took enventory signing up for insurance. The photo even shows me holding the box! As well, the Dewalt Tool Kit is 18 volt not 14 volt!
I called the claims rep and she told me that : they only pay or give the price originally paid for the items. I told them in the begining, i didnt remember exactly, but the generator was purchased a couple years ago for between $500-$700. Again, she stated they only pay the amount the policy holder paid for the item even if it is replacement cost... OK, what about items given as gifts to people? crazy scenario here, but lets say someone up the street from me put out a nice range stove by the road, I took it since it was being trashed but it is nice and still functions. Lets say I was vacationing in florida and an old friend of mine gave me his $300 nikon camera..any gift for that matter. Because "I" didnt actually pay or buy it, does that mean i dont have a right to have it insured?
No where in the policy does it state with replacement cost, they will ONLY pay what the consumer purchased the stolen item for! Again, what about gifts?
I informed the claims agent i would be sending the $700 check back, i would NOT accept that, if need be, ill sue them!
can anyone shed some light on this for me? am i wrong ? any information anyone can provide is greatly appreciated..
Also - one last thing, "if" someone does sue there insurance company, do you need an attorney or can you do it in small claims?
I have Replacement Cost insurance...I have been fighting with the insurance company for a couple months now. Simple claim but taking forever ( so it seems to me anyway)... I sent them photos, bank statements showing monies taken out around the times of purchase. I do not have original receipts being that i shop alot on craigslist , yard sales, flea markets etc. This is the case with these items. Generator purchased at a flea market 2 years ago, same as pressure washer, and Dewalt tool kit purchased off craigslist.
in total, if you consider what it would cost to replace all items new, cheapest ive researched and found would be a total near $4800.00...Finally, today i received an email from the claims adjuster and I AM LIVID..
She sent me a pdf file showing the breakdown...They are giving $500 for the generator $200 for pressure washer, and $300 for tool kit. after depreciation of 10% they are sending me a check for a little over $700 and keeping $134 for 180 days, when i send receipts showing i replaced the items, i then get the $134...
My problem is this: in the form she sent me, it shows where they have researched the items and they provided links to the websites showing the items...For the Dewalt tool set, they have one link to a craftsman 14 volt drill, another site showing a cheap ryobi 14volt circular drill $29.00, another site with a no name brand cheap hammer drill AND another site showing a $9.00 hanging aluminum lamp???? why are they NOT giving the prices and researching the actual Item "Dewalt 4pc Tool Kit" easily found at homedept. Not to mention i stated to them the model numbers and sent them pictures i had when i took enventory signing up for insurance. The photo even shows me holding the box! As well, the Dewalt Tool Kit is 18 volt not 14 volt!
I called the claims rep and she told me that : they only pay or give the price originally paid for the items. I told them in the begining, i didnt remember exactly, but the generator was purchased a couple years ago for between $500-$700. Again, she stated they only pay the amount the policy holder paid for the item even if it is replacement cost... OK, what about items given as gifts to people? crazy scenario here, but lets say someone up the street from me put out a nice range stove by the road, I took it since it was being trashed but it is nice and still functions. Lets say I was vacationing in florida and an old friend of mine gave me his $300 nikon camera..any gift for that matter. Because "I" didnt actually pay or buy it, does that mean i dont have a right to have it insured?
No where in the policy does it state with replacement cost, they will ONLY pay what the consumer purchased the stolen item for! Again, what about gifts?
I informed the claims agent i would be sending the $700 check back, i would NOT accept that, if need be, ill sue them!
can anyone shed some light on this for me? am i wrong ? any information anyone can provide is greatly appreciated..
Also - one last thing, "if" someone does sue there insurance company, do you need an attorney or can you do it in small claims?
Posted: Tue Nov 16, 2010 09:57 am Post Subject:
$600 Dewalt Tool kit consisting of 4 items, drill, circular saw, drill, light and hammer drill.
No one pays that kind of money for four tools. Please! $3000 for a generator? That would power most of a neighborhood. I bought a NEW 10,000 watt generator for $800 two years ago so my contractors could remodel my home.
$1200 for a pressure washer? Well, you've got me there. But if I was in the market for one, I'm sure I could find one for at least 50% less than that.
Since, by your own admission, none of these items were new, your $700 settlement looks pretty good to me. Maybe a few bucks more if they actually did a DeWalt to DeWalt tool comparison.
But you're not getting $4800. Not unless you are making plans to spend a few years in prison for insurance fraud.
Posted: Tue Nov 16, 2010 01:32 pm Post Subject: Stick to insurance, not apraising
FIrst off, i didnt ask anyone on this site to do an appraisal for me. If you had ANY intelligence, you know generators can go up to $7000 and up! this is a Honda 6500 watt generator, do your "googling" on the item. Again, i do not have to explain to YOU what i have and what ive paid versus what there worth!
1200 for a pressure washer which YOU could find for half the price, emmm, I did find one for much cheaper, does that mean its not worth what it is to replace? As stated earlier, what if , lets say the pressure washer was given to me "free" are you telling me i have no right to have it insured?
And im taking it that you are a licensed fire and casualty "Broker" rather then a claims rep. you should know the difference between replacement cost and cash value cost! I never said i should get $4800 bucks. but to send me a check for a little over $700.00 and expect me to replace all the items for that is not fair.
Posted: Tue Nov 16, 2010 02:11 pm Post Subject: Another note
If the insurance company is telling me for the replacement cost, they will only go by what i paid for the item, and not what it would cost to replace it ( which know where in the policy it says this). what if I purchased something 7 years ago, and at the time, I paid 7000 for it, today, it would cost only $2000 to buy a new item, since the insurance company is telling me they only go by what i paid for the item, does this mean they are going to give me $7000.00 today as opposed to $2000 today which is what it would cost new? I think not, they would still try and offer $2000.00. Keep in mind im not looking to turn a "profit" off the insurance company, however, if i have replacement cost, i expect to be able to replace to identical item WHATEVER to price!
Posted: Wed Nov 17, 2010 03:38 am Post Subject:
i do not have to explain to YOU what i have and what ive paid versus what there worth!
No, you don't have to explain it to me, you have to justify it to the insurance company.
There is a little thing known as insurance fraud, where people go out and buy junk equipment for pennies, claim a loss amounting to thousands, and expect the insurance company to "make them whole" (which in their mind means earning a living off the insurance company proceeds).
Well, I DO KNOW the difference between ACV and Replacement Cost, and the insurance company is abiding by its contract with you to pay a loss on the basis of ACV and is willing to pay more if it costs more to replace the lost items. But they don't have to give you more money in order to replace the items -- that's entirely up to you. If you can't afford to replace it because they calculated the ACV based on what you paid for the stolen items, so be it.
You have stated here that you did not pay full price for the items, you don't have receipts to show what you actually paid, and yet you are expecting the insurance company to pay you as if the items were new. It doesn't work that way.
You state that "I never said i should get $4800 bucks". I beg to differ. In your original post, you may not have used the exact words, but that's what I understood when you wrote:
in total, if you consider what it would cost to replace all items new, cheapest ive researched and found would be a total near $4800.00...Finally, today i received an email from the claims adjuster and I AM LIVID..
I certainly appears to me that you were hoping for something closer to $4800 than closer to the $700 they are offering.
So if you are disputing the value of their offer, you can continue to argue your point with a CLAIMS DEPT SUPERVISOR -- forget the adjuster. If it is your intent to actually replace the items, but you need more money to do so, then get them to agree to advance you a larger amount of money and you'll buy each item and submit a Replacement Cost claim for each item. They won't want to do it that way, so you have to argue that you need an amount much closer to what it will take to replace everything. That's your negotiating point. Don't expect them to blindly agree to it.
what if I purchased something 7 years ago, and at the time, I paid 7000 for it, today, it would cost only $2000 to buy a new item,
If the ACV of the original item that cost $7000 was more than $2000, you'd get the ACV, and then if you only needed to spend $2000 to replace it, you can pocket the difference. You have not profited, you have received what your contract promises, and you have a new item as a result. That happens all the time.
If you had the ability to prove a greater COST BASIS from which to calculate ACV, you might be in a different position.
if i have replacement cost, i expect to be able to replace to identical item WHATEVER to price!
Yes, that's what you are entitled to. And your contract tells you that, up to the limit of liability for your losses, you will get it -- after you replace the items. Until then, the contract only promises that you will receive ACV. The rest is up to you. Knowing that you will be reimbursed by an insurance company, a bank or credit union might be willing to give you a short term loan to obtain the new items, and you could legitimately argue that the insurance company owes you the interest and loan fees as part of your total Replacement Cost indemnification. Same as if you had to charge everything to a credit card in order to obtain it.
Posted: Wed Nov 17, 2010 02:30 pm Post Subject:
"There is a little thing known as insurance fraud, where people go out and buy junk equipment for pennies, claim a loss amounting to thousands, and expect the insurance company to "make them whole" (which in their mind means earning a living off the insurance company proceeds)."
You are so correct and those idiots make it bad on all of us! People in the insurance industry have been jaded to the point they look at most claims and insureds as "fraudsters", just as a lot of insureds look at insurance companies as being a negative entity.
I have done my part in the begining, i have sent the insurance company everything they have asked for. I sent the bank statements from each instance showing large amts of money taken out to make the purchases. I have sent them photographs. that was 5 weeks ago, and so far, they have not told me i missed sending something.
people who shaft insurance companies make premiums go sky high for everyone. however, just because of select group of these people doing what they do, does not represent everyone as a whole. Just because i have homeowners insurance and/or renters insurance and file a claim, does not automatically mean im entitled to be treated or looked upon as a scammer. And that is what most insurance companies do. You yourself have implied in a couple statements references to fraud, spending time in prison etc. In real life, a person is innocent until proven guilty. It seems in the insurance world, it's contrary, a person is guilty until proven innocent!
All i did, was come on this board seeking some professional answers and not the 3rd degree about people committing "fraud"..
If i were committing fraud, i would take the $700 and rund thinking, "hey, $700 is more then i started with, lets not make waves or ripples".. I did not do that! I truly want to replace my items. just because you or anyone else does not see paying $3000 for a generator or $1200 on a pressure washer, does not mean other people have no right to spend that much on the item..
Which i didnt spend that much on the items being that i purchased them at local flea markets and yard sales. So i guess others, would see that as a deal!
With that being said, do i expect full, money for what the items would cost "new"..No, and i have told my insurance company if they can find the items MUCH cheaper, all the better. Im just not willing to allow someone to tell me , "all of your items are worth a little over $700.00. however, if the insurance company, can find the same items FOR $700 give or take $100, they are welcome to purchase them and have them sent to me.
YOu stated :"Knowing that you will be reimbursed by an insurance company, a bank or credit union might be willing to give you a short term loan to obtain the new items, and you could legitimately argue that the insurance company owes you the interest and loan fees as part of your total Replacement Cost indemnification."
that is interesting and may be worth me looking into as an option. All im saying is there is no way i can take $700 and go out and replace over $3500.00 worth of items.
Posted: Thu Nov 18, 2010 06:37 am Post Subject:
Some where some thing is very wrong on your claim, you do not seem to have authentic documents to prove that you made the purchase, receipts and all.
I don't know how far they would consider your bank statements as the proof of your purchase, some thing Max would be able to tell us better.
Posted: Thu Nov 18, 2010 04:18 pm Post Subject:
well, it is kind of tough when the insurance companies will not accept 1. original box 2.owners manual 3.pictures! Im not quite sure "what is wrong with the claim"..once again everyone is missing what i am saying. If the insurance company require "original receipt", what about items given to people as gifts? lets say, I won a laptop computer off some website, i didnt buy it so does that mean i do not have a right to have it insured? what about people who buy items from craigslist, yard sales, flea markets ( such as i ).. Please read my entire post. all of this information was not stated in the policy ( go figure)...In the begining when i explained to the insurance claims agent i didnt have original receipts, she is the one who asked me if i could trace back bank statements showing around the time of purchase, large withdrawals ( which i did - down to the exact date purchased give or take a day or so).. I would be MORE then happy to provide a transcript of the email she original sent me stating they couldnt accept original box's, or manuals except the email has a disclaimer at the bottom that the email is intended for the recipient only!! In the begining of the claim process, i sent the bank statements, as well as photos ( even though they stated they could not accept photos because anyone can find picutes of the item on the web ) ..no one is likely to find a photo with my house in the background, no one is going to find on the web a photo of me detailing my car last summer showing the pressure washer!
I still reflect on your comment "some where something is very wrong on your claim, you do not seem to have authentic documents to prove that you made the purchase"..Once again no one has answered this question : is an individual only allowed to insure items "purchased", and have no right to insure something given to him or her?
Posted: Sat Nov 20, 2010 01:45 am Post Subject:
disclaimer at the bottom that the email is intended for the recipient only!!
That's for the person who gets the email by mistake. If you want to circulate it after receiving it, there's no problem with that.
It sounds like the insurance company is not playing fair. If you've provided as much documentation as you can, and it supports your claim, the insurance company should accept that on the basis of "utmost good faith" -- just like it did when you applied for their policy.
The box, the owner's manual, however, are truly meaningless. Anyone could find those in a variety of places -- doesn't really prove your claim. The business about the photos not being acceptable, if you or your other property are identifiably in the photo, well, that would just be a bunch of hogwash.
You're next course of action is to file a complaint with your state's Dept of Insurance alleging UNFAIR CLAIMS PRACTICES.
Once again no one has answered this question: is an individual only allowed to insure items "purchased", and have no right to insure something given to him or her?
You're absolutely correct. Whether it's purchased or received as a gift, found on the street or something you won as a contestant on a TV show, if it's yours, it can be insured. If it was new when acquired (but not purchased), then the "market" value (not the MSRP) would most likely be it's original insurance value, and it would depreciate from there. If it was used when acquired, the value could be more difficult to establish, and your record of payment for it might be the starting point (but, then again, it's also possible to pay too much for something, and the insurance company will not take that into consideration).
Posted: Wed Dec 15, 2010 10:14 pm Post Subject: Re:
First, check the circuit breakers.
They may have popped off.
Yes, any insurance company can drop you and raise your rates, and whatever they want for any reason, or no reason at all.
Don’t like that?
You have only yourself to thank.
STOP VOTING FOR FRIKKIN REPUBLICANS.
Read more: Homeowners insurance claim question?
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home insurance
car insurance
Posted: Thu Dec 16, 2010 11:20 am Post Subject:
First, check the circuit breakers.
They may have popped off.
Yes, any insurance company can drop you and raise your rates, and whatever they want for any reason, or no reason at all.
Don’t like that?
You have only yourself to thank.
STOP VOTING FOR FRIKKIN REPUBLICANS.
Read more: Homeowners insurance claim question?
I'm really tired of chasing your OFF-POINT posts. And the problems in America are not solely the fault of the Republicans. The Democrats as just as much to blame, if not more.
They all need to be fired and replaced with persons who have a brain. Then again, those persons are usually too smart to waste their talents in politics.
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