does this sound right?
my daughters house was broken into, stolen items amounted to over 5336.00. her insurance agreed to pay 4836.24
now the tricky part they will only pay 2168. with holding the remainder till she replaces all the stolen items????i have never heard of this?
- BootsLv 71 decade agoFavorite Answer
This is correct.
The insurance company is paying the actual cash value of the stolen items. Once she replaces them, she gets the difference between the actual cash value and the replacement cost. Most policies say that you have 180 days from the date of loss to replace the items and get paid the difference.
There is language in her policy that says this is how it will be handled. It's a pretty standard clause.Source(s): Insurance Adjuster 12 years
- 1 decade ago
It's standard. You get depreciated value up front, and if/when you replace the items, then you get the difference between cost to replace, and the depreciated amount.
Usually you get 180 days to replace the items.