How should I go about estimating the replacement cost of personal property for an insurance claim?

Answer by  Rose (6804)

You should start with the original cost of the item, and then evaluate what it will cost you to replace that item at todays value. For jewelry and items that have a personal value make certain that you add that into the estimate as well. You need to re-evaluate the value of the items every two to three years.

Answer by  Shelley70 (285)

Most insurance companies have their own adjusters that will come and estimate the cost of damage for you. Call your insurance company and have an adjuster review the damage. Sometimes the damages are less than the deductible, so it may be better to pay out of your pocket.

Answer by  lita (135)

It depends on what personal property you are refering to, but you should get at least 3 estimates of the value of the stolen merchandise. Go to the stores where you got it from and see what similar items go for. A picture will help both the adjuster and who is valuing the property.

Answer by  Mable (3008)

Make a thorough list of all the property with columns next to the items for prices. Check prices on line: enter the prices with the items, including the sources.

Answer by  Jessie124 (1885)

Look online. Go to eBay and see what similar things are selling for. Also, look in the classifieds to get the same info. You can also try to contact the manufacturer and see if they can help you out.

Answer by  champaign9497 (11977)

Depending on how long you have had it figure the new cost and deduct about ten dollars from it thats what the insurance companies do. Or 1/3 the cost.

Answer by  cody412 (114)

Replacement costs are just that - how much it costs to replace the item. Price each item new from the store. If the item is no longer sold new then check with a local auction company to see what similar items are going for.

Answer by  barkley (951)

Make a list of all of your personal property, do some research to determine what it would cost you to buy everything again, insurance should cover at least that amount.