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: Sat Feb 12, 2011 01:30 am Post Subject: Former Adjuster; Author
(1) You don't need to prove value or ownership with receipts. People give diamond jewlery as gifts; the owner has no receipt.
(2) Never trust the advice of an Agent in matters of claims handling and settlement. They are salesmen and women who earn commissions on your monthly premium payments, bonuses when claims activity is low, and they are outsiders to the claims process.
(3.a) Take your claims information to a Public Adjuster and let them handle the issue for you. Public Adjusters work for you, not the insurance company. Historically PA's win settlements in excess of 5 times what company representative first offer. Challenged in courts of law throughout the nation, PA's typically win, proving those settlement funds are justifiable.
(3.b) If all you write is completely accurate, you may want to consider filing a BAD FAITH lawsuit against your insurer. Speak to your Public Adjuster about this, they may recommend an Law Firm that specializes in bad faith litigation.
Posted: Sun Apr 03, 2011 04:41 pm Post Subject: In response to your post
Just read your post while doing some research on a similar situation for a client. The response from Rick Denny is most accurate and helpful. DEFINATELY talk to a Public Claims Adjuster, you may also file a Complaint with the Dept. of Insurance (you can get the forms online, Google it) and also Google "Bad Faith Insurance Claims." In California, you have ONE YEAR from the Date of Loss (the theft) to file your complaint. For example, Mercury Insurance failed to pay a $175k claim and gave their insured the run-around. Not only did they have to pay the $175k, they were hit with another $2 Million in punitive damages for stalling, delaying, using "time as their ally" to wear down their insured and make them give up. Remember, the insurance company's "game" is to collect try to limit their losses as much as possible. Also, check your policy... If you have replacement value, many times if you actually re-purchase the stolen item, they have to pay what you show on your receipt.
Rick Denny's response to which I completely agree:
(3.a) Take your claims information to a Public Adjuster and let them handle the issue for you. Public Adjusters work for you, not the insurance company. Historically PA's win settlements in excess of 5 times what company representative first offer. Challenged in courts of law throughout the nation, PA's typically win, proving those settlement funds are justifiable.
(3.b) If all you write is completely accurate, you may want to consider filing a BAD FAITH lawsuit against your insurer. Speak to your Public Adjuster about this, they may recommend an Law Firm that specializes in bad faith litigation.
Posted: Mon Apr 04, 2011 07:53 pm Post Subject:
In California, you have ONE YEAR from the Date of Loss (the theft) to file your complaint.
Actually, in California, the Insurance Code provides for three years from the date of loss to file an action. It hasn't been one year for more than five.
Posted: Thu Mar 07, 2013 04:08 am Post Subject: Theft
I had a motorcycle and it was stolen. the insurance company claims that they are not liable when I had been paying for theft insurance since day 1. I now have filed a lawsuit and have a settlement conference comming up next week. has anyone ever had to go through this and what is the range of amounts that maybe is reasonable to settle for. I know the bullcrap that they have been dragging me through for 4 years now on this lawsuit and I dont think they should be let off easy.
Posted: Thu Mar 07, 2013 04:12 am Post Subject:
I don't know why you posted this in the Home Insurance forum. This is not a homeowner's issue. Nevertheless . . .
Let's see, this has been dragging a$$ for four years? I assume you have an attorney handling the case for you? If so, why are you asking us? You're paying the attorney big bucks, and you should know what he's thinking. Our opinion is meaningless.
Posted: Fri Mar 08, 2013 02:43 pm Post Subject:
This is what happens when you do not have receipts. If you can document the brand, model, age etc of items carrier should be able to establish normal cost to replace. You bought a $3,000 generator for $500?
Posted: Fri Mar 08, 2013 03:48 pm Post Subject:
You bought a $3,000 generator for $500?
Wonderful! A thoughtful question in response to a post that's almost exactly two-and-one-half-years old. Not likely to generate an answer at this late date.Add your comment