Question by  Muthulakshmijoshma (51)

How is it determined what you are entitled to as far as replacement cost insurance is?

I recently had my home broken into as a result my insurance company is giving me a hard time about agreeing to the replacement cost on several items.


Answer by  technogeek (6640)

What you are entitled to is whatever is stipulated within your insurance agreement. If there is no clear explanation regarding certain items or situations, then consult your state insurance commission to make determinations. They will be able to tell you if certain things are cover on the basis of what is not clearly stipulated.


Answer by  tamarawilhite (17883)

The simplest means to show replacement cost is to bring in a list of what you had and a set of store prices, including print advertisements, of how much the equivalent item costs. You may need to show pictures of your home that included items of that standard in order to prove they are worth that value.


Answer by  Latin4 (11170)

First get the cost of the items that were taken. They will not pay you the full value of the items. They consider the age, wear of the items.


Answer by  Rubberchicken (819)

Most larger insurers have contracts with replacement services that offer products at wholesale prices. The insurer will offer to replace your item, or offer you the cash of the item at their cost, less your deductible. Work with your insurer to fill out property inventory forms in good faith and understand that they desire to pay you the amount owed.

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