Home insurance companies are evil!?
Well, some tweakers broke in and took 4,850 in electronics. A new triple core pc, hdtv, sony dream theater system, xbox360, to name a few. And even busted and damaged the door completely! Anyway, the insurance just called and offered me 1,606!! I have gave them some but not all receipts, pictures, etc. I cant settle for that amount! This is just another constant reminder of the idiots that broke in to my home and ruined my life! Im supposed to call the adjustor tomorrow and talk about this measly settlement. I know im not getting all the full amnount, but the offer they gave me was just an insult. What should i tell him? I cant believe i pay a hefty amount to have this insurance, and this is how they disappointed in my time in need!
And yes i know theres an appreciation value, but this too much if u ask me…
They'll throw that "depreciated value" thing at you all day. If you have your original policy, see if there's a clause in there about offering depreciated value, or "replacement value." The company is prepared to offer a reduced settlement to you – the agents are trained for this. BE PERSISTENT. Don't use bad language of course. Rehearse your arguments prior to talking to the agents. Make your point, and keep making it. The point is not to cave in to their low offers. I've seen cases where persistence pays off, and the customer indeed get replacement value. It's a bargaining game, and your persistence will pay off.
Remember. Insurance companies are in the business of selling policies – not paying claims.
Welcome to the world. Sorry.
Did you know that the insurance companies own the largest buildings in the world?
They own them because they pay out less than they take in.
And, they take most of us in. Until we need them, then it's out in the cold for us!
Negotiate. They expect to pay more. If they don't, tell them you are going to retain an attorney and let them deal with the attorney. They will settle when they get the representation letter, but you may end up paying the extra out in attorney fees, so weigh your options.
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Is that because of your deductible? Some of those companies are snakes, and they will try to find any reason not to pay up.
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They are applying the maximum depreciation. And the truth is, it's probably not far off the fair market value of those goods. What did the Xbox cost you, $399? And on ebay you can pick it up for $100 on a good day. Not fair maybe, but that is life. The PC likely had an even higher depreciation.
You're also getting very low value for items without a receipt.
Nevertheless, this is their first offer. Don't accept it, negotiate it up. But know that it's unlikely they will come up much over 50% of the new value.
next time read your policy. Most have an option for replacement cost on certain items, it may make sense for you.
Reserve your anger for the idiots who stole your stuff, not the insurance company. They do what they are paid to do, their job isn't to make it all better or to make the word a better place, without thieves.
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They'll throw that "depreciated value" thing at you all day. If you have your original policy, see if there's a clause in there about offering depreciated value, or "replacement value." The company is prepared to offer a reduced settlement to you – the agents are trained for this. BE PERSISTENT. Don't use bad language of course. Rehearse your arguments prior to talking to the agents. Make your point, and keep making it. The point is not to cave in to their low offers. I've seen cases where persistence pays off, and the customer indeed get replacement value. It's a bargaining game, and your persistence will pay off.
Remember. Insurance companies are in the business of selling policies – not paying claims.
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Tell them no.
Review your policy carefully, and demand what you are entitled to, and explain how much that is and why.
If it turns out you were under-insured (and it might!) then consider a more comprehensive coverage plan in the future, or at least better locks and doors. I am sure the insurance company has plans to offer besides the one you have.
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