I had a claim and the insurance company didn't pay me full value of my item, what happened?



Never had anyone ask how cheap their policy was during a claim.

 

Personal Property and Insurance has several very important values when you are talking with an insurance agent. We go over these coverages at the time of presenting the quote with the client. It gives them the information to make an informed decision.

Quote today. 

There is Replacement Cost Value is the amount of money it would cost to replace an item with a similar item of like kind and quality in today's market.  RCV is typically higher than actual cost because it takes into account the cost of inflation and the cost of replacing the item with a similar item of like kind and quality. 

/
Where do you shop?
Actual cost is the amount of money it would cost to repair or replace an item with the same item. Insurance companies calculate ACV by subtracting the depreciation from an item’s replacement cost value. This coverage is often cheaper than Replacement cost value.

Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence, or other factors.

Quote today. 

Example, let's say that you buy a $10,000 entertainment system for your house. Three years later, you have a fire and it is destroyed. Your insurer determines the actual cash value is $4000. With ACV insurance, you will get a check for $4000 minus the deductible. With the RCV coverage, you may be able to also claim the $6000 in depreciation.

Replacement Cost Value and Actual Cost Value can be the difference between shopping at a department store verses a thrift store after a claim because of depreciation. 

Be aware of items that can have claim limits for a policy. It is not uncommon for the following items to have a dollar reimbursement limit:

1. Jewelry

2. Artwork

3. Firearms

4. Electronics

5. Collectibles

6. Musical Instruments

7. Business Equipment

8. Furs

9. Silverware

10. Coins and Stamps

A rider policy is an insurance policy that provides additional coverage for specific items, such as firearms. It is usually an add-on to a homeowner's or renter's insurance policy and provides coverage for the firearms in the event of theft, damage, or loss. The policy may also provide coverage for liability in the event of an accidental discharge of the firearm. The coverage limits and terms of the policy will vary depending on the insurer, so it is important to read the policy carefully with your agent to understand your coverages fully.  

We like to work on the front end establishing either a renters or homeowners policy that contains coverage that are not a surprise during a claim. Your household is important so re-establishing it after a fire or theft can be difficult and it is made more difficult if you are under insured. Let's have that conversation. 


Quote today. 

Location: 413 N Mission St, Wenatchee, WA 98801, USA

Comments

Post a Comment

Popular posts from this blog

Medicare Advantage Virtual Sales Seminar

Image
  For the 2021 year, Suzie wanted to provide customers with the opportunity to learn about Health Alliance Medicare Advantage Plans and any updates from the comfort of their home. This is a no obligation group meeting. Suzie asks that you use the Health Alliance link to confirm your reservation.     If you have complex or personal information that you would like to discuss or further questions then feel free to   schedule a one on one   with Suzie either in our office or online. Which ever you are most comfortable with. Medicare Annual Enrollment Period runs from October 15th through December 7th 2020.   This allows a whole group to get together online and hear and understand the updates.  How it works is as follows: 1. Select a date and fill out the form from Health Alliance. Date: Saturday October 17, 2020 at 1:00 PM Wednesday October 21, 2020 at 10:00 AM Saturday October 24, 2020 at 1:00 PM Wednesday October 28, 2020 at 10:00 AM Saturday October 31, 2020 at at 1:00 PM Wednesday Nove
Read more

Masks in Washington state including Spanish videos

Image
A few people noticed the distinct lack of materials concerning masks and wearing them. This is a problem since Washington state businesses were required to mask up July 7th . We just passed 3 million infected will little signs of slowing down. Yes, this means if you are in public doing business and can not social distance then you need to have a mask on. These materials are designed to be shared and help out. We do not know if it is biological or environmental. It is impacting the Latinx four times greater than the white population. Minorities in general are being impacted at a greater rate.   COVID 19 infects people of all ages.   If you don't die then it can have long term effects.  If you don't have a mask then feel free to stop by at Suzie Health Solutions and we have cloth masks to share until we run out. We are located at 1630 N Wenatchee Ave, Suite 18; Wenatchee, WA 98801. If you have questions about healthcare then feel free to ask. We educate with out chargi
Read more

How a health issue became political.

Image
Let's look at the beginning and problems: If you listen to one of the protest groups then you hear a lot of statements concerning the Constitutionality of Governor's Inslees stay at home orders. When you start look at the history of our country then you see that pandemics are nothing new. While  George Washington  Battled the British, he was also battling smallpox, not only did he use quarantines, he also used mandated vaccines. George  Washington wrote a letter to the President of Congress in 1787 , concerning the necessary central authority to "provide for the Interest and Safety of all"states.  Covid 19 didn't disappear in a miracle nor did it weaken " when we get into April " as Trump was early to downplay the pandemic. There are multiple accounts of the federal government taking needed supplies from states.  1.   2.    3.   4 .  while sending them to foreign countries like  China . A  whistleblower stepped forward with charges of cron
Read more