Insurance info needed

[txteach]

Many here know that my house was damaged during Ike. Well my insurance sent us a settlement and took off about 25% for depreciation. My Question is, I thought I'd get replacement cost for my loss. Heck, one of my computers they took 50% off the value because it was 3 years old. I really don't want to complain if this is common practice and the check is still pretty fat. I just wanted a few opinions on the subject. Also, they gave me just the "new bought in a store" value for the megos and SW figures I lost. Imagine, a MINT romulan and I got $7 -20% depreciation for him.

[toys2cool]

That sucks John,but yeah that's the way it is here also.Same thing happened with my uncle's stuff and for a lot of the stuff if you didn't have the recipt they would'nt cover it

[BlackKnight]

If you bought anything using Paypal,.. couldn't that be used as a Recipt ?

[Mikey]

Also, they gave me just the "new bought in a store" value for the megos and SW figures I lost. Imagine, a MINT romulan and I got $7 -20% depreciation for him.

Can they do that ?
On the same principle, they would pay $4.99 on a trashed Beatles mint unpeeled Butcher Cover.
That's nuts

[MIB41]

Your policy should clearly state if that is the case. My insurance policy does not allow for depreciation like what you describe. In other words if my HDTV gets wiped out in a storm, they replace it with same or comparable model, period. Now, my collection is insured under a seperate collector's insurance policy, which is what you needed for your Romulan. A standard home owners policy won't give you much more than what you paid and it has to be stated prior to loss or damage. I am very sorry for your loss my man. Insurance is a rat race all the way and they don't want you to know all of the outs. Their interested in pushing a low premium and then broad stroking the definition of your coverage. You don't find out what you really have until you get in a mess like this.

[Mr Mego]

I'm sorry to heard that ya lost everything durned Hurricane Ike.....

Hope you got all receipts from your figures collection and replacing your vintage & modern figures collection and your computer sooner.

Before Ike, I packed all of my figures and other stuffs in a big thicker plastic water proof storage and I wrapped the plastic boxes with thicker masked tape then I put the boxes on the top of long tables in the big closest (to protect from flooding under the tables) then I locked all the doors in my Mobile Home (long trailer with 2 baths and 2 beds - 8 yrs old) then I left my home to San Antonio, TX at big Hotel with my father's family side stayed there for about 4 days, we came back home earlier because I'm kinda VERY anxiety and rushed go back my home and checked everything are fine but my yard have some damaged but I fixed the planets, shed's roof (have been damaged badly, can't fix good...) and the bottom shirts (panels for Mobile Home), I noticed on the roof have been slight damaged too and warped. I had no power in 4 days, I used candles and battery lanterns, read books, magazines, filtered drinking water bottles & ice in a big ice chest and ate canned foods. The refrig. foods are melted out, I threw a lot foods away..... what a waisted foods!! but I got extra food stamp for 3 months, thanks GOD! My mother's neighboor fixed my roof in the next 2 months later.... I covered the bare roof with big blue tarp with bricks to holded the tarp down in the front of it's peak. Glad that don't rotten up my bare wood roof. My insurance don't pay for damages, damn!!!........ Anyway, my mother and I paid for the repairs..... I hating Hurricanes and Tropical Storms!!!! I'll figuring out what kind of stronger materials to protecting my home, my collection, computer, outside, etc.....

[thunderbolt]

After Charlie, they gave me replacement value for contents. We had a 25 year old console tv and they gave us 300 to replace it and another 100 for a stand, since consoles are no longer available. My wife's digital camera got ruined too and all I had to do was take it to a camera shop and get a comparable replacement. Our policy had replacement cost in it, so that is what we got. You might want to read over that section of your policy again.

[Hotfoot]

You have to pay extra for Full Replacement Value.
Collectibles should be insured under a separate policy.
Collectible autos would be insured under a special policy.
Your regular policies wont cover full replacement cost.

Insuring Your Valuable Collectibles | CollectOs.Com

[Adam West]

I know for collectibles you need to have it insured for replacement cost.

I always wondered why on "The Antiques Road Show" for example, they would always give an insurance value higher than what they estimated it would sell for at auction and I think the answer is that the item is usually near impossible to replace so there is some extra value added to that.

[jds1911a1]

and to insure a collection or any rare item for "replacement cost" is a rider on the insureance and most require a at least 2 appraisals on a regular basis. as the value goes up so does your premium (that is what I had to do with my BAR) for my toys it's really too much hassle to get an accurate appraisal.

Most homeowners/renters policies have set value for items regardless of actual price value of the item (which can suck if you just bought a plasma tc and get the average value price of any tv).

the reality is if my place went up so much of my stuff is irreplaceable (I have some Joes' I haven't seen excpet the ones I bought)