Replacing stolen items after a break in

[hew0007]

We had a break in about a week ago. We’re missing about $7000 in property. Winter jackets, jewelry, watches, sunglasses.. that kind of thing.

None of the jewelry/watches were fine jewelry/expensive. The most expensive piece being about $400.

Our adjuster is meeting with us next week.

Are they going to make us replace each and every item piecemeal?

Frankly, there are some items we don’t want to replace. At least not immediately.

Will insurance require us to replace each item to be ‘paid out’. Or will they just cut a cheque?

The adjuster had mentioned that claims near the $5000 can opt into the express claim process and get a cheque. But there’s deductible on top of that. We’d end up with closer to $3800 that way. That barely replaces the stuff we do want to re-purchase.

Insurance is through Intact if that helps.

Thanks!!

 

[christlike777]

@hew0007 Honestly your best bet is to ask questions to the adjuster when they come. Did you have pictures of the items that were stolen? Either formal (stock type) or pictures of you wearing the jewelry? I know my cousin and his wife had issues with their insurance company (not sure who they had) when it came to replacing the value of the jewelry. Items like computers and gaming systems were easier. If you still have receipts for anything that was stolen that helps the process along from what I’ve heard.

 

[hew0007]

@christlike777 I can get stock type photos of almost everything, yes. He said on the initial call that he wasn’t particularly worried about that kind of thing he said in general unless you’re claiming something wildly unlikely that they don’t need actual proof of ownership.

 

[jacobwestroswellnm]

@hew0007 I find it varies from company to company and even individual adjusters. As long as you are transparent and aren’t claiming anything unusual or a high ticket item without any proof you shouldn’t have problems.
Usually if you aren’t going to replace the item , they adjust the basis of settlement from Replacement cost to an Actual Cash Value settlement on that item. With jewelry that usually doesn’t play out much different as it holds value well but a good example I’ve seen is a person didn’t want to buy another 42” tv that was older in their basement, they could have taken a new model of similar specs but took the cash instead, that was then based on that exact make model and age as if you were selling it used , so in that case received $200 instead of a new $500 42” tv.

 

[hew0007]

@jacobwestroswellnm So we sent in our list of missing items. I was as specific as possible including stores purchased from, item numbers if the items were still available, size, colour etc and value.

They returned a proposed itemized settlement. They’ve taken the individual items I listed, found totally different items, at totally different retailers at drastically lower costs and have taken depreciation off that. I’m shocked.

For example. I’ve included a small diamond ring lost. A while gold band with a .10ct solitaire diamond. It’s still available where purchased, but I received it as a gift so no receipt. I included the jeweller. Style number, size etc. $399. The found a totally different ring, in a different style, different setting and ct weight for $150 less then took 30% depreciation off that. How does that even work?

There are lots of items like that.

We plan on rejecting the settlement and asking for a reassessment if that’s even possible. This has been terrible.

 

[jacobwestroswellnm]

@hew0007 If you are not happy with it and aren’t being unreasonable , just decline it, show your research and negotiate. If they will not budge , escalating it and if you show your research you should be able to make adjustments. I would definitely point out that they are not making an equal comparison by using a cheaper or inferior alternative to what you had. The ultimate conclusion should be to restore you to the exact position you were in before the loss ( taking into account any limitations or policy settlement basis on that specific policy such as actual cash value vs replacement cost which does take depreciation onto account) but nevertheless basing that amount on the exact item you had, not the cheapest possible substitute.

I’ve had 2 claims in the last 2 years that were not my fault and both times had to repeatedly negotiate the settlement just to be a fair value for my actual loss. Even as a manager at a brokerage I had to keep at the adjusters to not be out anything from my pocket that I would not have been otherwise and I have mentioned several times to insurance company representatives that the procedure was difficult enough for me with my experience let alone a client who isn’t familiar with the ins and outs of the process.

If you are insured through a broker, I would ask them to get involved on your behalf as well. Providing detailed information on the items you had vs the offered comparable defiantly helps for sure.

 

[hew0007]

@jacobwestroswellnm Thanks so much for this. This helps a lot! We will definitely decline the offer.

 

[jacobwestroswellnm]

@hew0007 It can be exhausting after a while. Some times claims go quick and smooth , others are just a battle. As long as you know you are in the right I’d stick to your guns.