On Tue, Dec 15, 2009 at 8:20 PM, Corwin <[email protected]> wrote: > > > My experience with claims adjusters is much closer to Ken's. After a > fire destroyed our house, we had a long fight with the adjusters about > what they would pay. It eventually came down to what you replaced. If > you did not replace something - they might agree on the price you > claimed (all my data was checked against receipts and/or the web) - > but they would counter that by depreciating the item so much that the > original value was insignificant (sometimes we only got 10 cents on > the dollar). If you replaced something, you usually got reimbursed for > the full replacement price up to the policy limit.
Homeowner's policies offer replacement or market value coverage; many people make the mistake of buying the cheaper (but not much cheaper) market value (= depreciated) coverage. If you buy replacement value, then you get replacement value even if your couch, bought in 1973, is now worth $5 and it costs $2,000 to replace it with something comparable. And, of course, there are good and bad companies, and of course too, the good companies tend to be more expensive. Hartford is an example of a good company. Example: my mother's roof was "damaged" by hail in circa 2004. We didn't realize it since it looked fine, In 2007 a roofer, called about something else, said, "Whoops, you've got a damaged roof -- the little gritty things are no longer on the shingles." The grit is there apparently to protect the shingles from sun. The roof was perfectly leakproof still. Yet Hartford paid for the entire new roof less $500 deductible without a complaint.The roof was already 24 years old. You get what you pay for once again, One more anecdote: I had a bike and tools stolen. I itemized everything, but of course had no receipts. Hartford payed up full retail on everything and I ended up with a much nicer bike. I've sold and used Hartford and it's the best I know of for personal lines. -- Patrick Moore Albuquerque, NM For professional resumes, contact Patrick Moore, ACRW at [email protected] (505) 227-0523 -- You received this message because you are subscribed to the Google Groups "RBW Owners Bunch" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/rbw-owners-bunch?hl=en.
