Help! Homeowners Insurance claim?


I recently had over $10k in graded sports cards stolen from my home. I filed a police report and insurance claim the same day I found out (I am deployed in Afghanistan) Nowhere in my policy does it say anything about sports memorabilia and all it says about personal property is coverage of $85,500. Today I just got off the phone with the insurance adjuster and she claims that my policy clearly states per the underwriter $2500 max on "trading" cards and since I have a $2000 deductible I am only eligible to receive $500 out of the 10,000+! Anyone have experience with something like this? Is there anything I can do to get more out of this claim? This is a huge loss and $500 is not really worth my premium going up over.




Also - I have all receipts and delivery confirmations.

7 Answers

  • 8 years ago
    Best Answer

    The adjuster is wrong, regarding $500.

    First of all, you need to look under your policy form, the section of "special limits of coverage". Yes, it's possible that your policy might limit coverage of trading cards to $2500, if they are stolen. However. IF the special limits of coverage apply, the DEDUCTIBLE is subtracted from the total amount of the claim, FIRST, and THEN the special limit is applied. Coverage amount would be $2500, IF the cards really are worth $10,000. Your adjuster is applying the deductible incorrectly.

    Your secondary issue, is valuation - without appraisals or a special endorsement on the policy, you could have a really tough time proving COLLECTOR value, rather than retail cost of the trading packs you bought without knowing what cards were inside.

    Thirdly, someone's living in the house, right? You'll need that, and you'll probably need to give them power of attorney to handle this claim for you - you're looking at some extra work, and it might be difficult to manage from halfway across the world. Time to call your agent in on your behalf.

    Thank you for your service.

  • MSAD
    Lv 7
    8 years ago

    Can the deductible be applied to the loss?

    That's how my company handles these types of things.

    The way that would work: The loss is $10,000. The policy limit on collectibles is $2500.

    Therefore, Loss ($10,000) - $2000 ded = $8000. As the remaining balance ($8000) is greater than the policy limit of $2500: the claim would pay $2500.

    This way, the deductible still applies - they are just applying to the part you have to pay out of pocket.

  • 8 years ago

    Your receipts for the stolen items notwithstanding- its what is written by any underwriter in your actual policy. You'll need to consult another attorney to verify the insurance companies claim of being covered for up to 2500 per incident. You can't argue the $2000 deductible? but I've never heard of that on a THEFT - get professional help. Yahoo is not the place for advice.

  • Anonymous
    8 years ago

    Hi Jay, I agree, there's not much you can do if your policy has a sub-limit. That's pretty common. For future protection, compare your sub-limits against the property you have and if you have more of something than you're covered for, talk to your agent about a floater. Sorry to hear this happened to you.

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  • 8 years ago

    Sadly, most homeowners do not realize that the full coverage for "personal property' does not cover unusual items like a sports card collection UNLESS such is declared separately on the policy coverage. "Personal property' only refers to items like clothing, furniture normal electronic items and similar. It is quite normal for a policy to have such 'sub limits' for sports cards or similar.

    You will need to read your actual policy to discover these assorted sub limits.

  • 8 years ago

    Every homeowner's insurance policy has "sub-limits" for personal property. For example, the sub-limit for furs is typically $2,500. You need to read your policy carefully to see if the sub-limits really state that "trading cards" or other collectibles are limited to $2,500 (for theft).

    BTW, "for theft" is critical. Sometimes, there is no sub-limit for other perils, but "theft" is one of those perils that has a sub-limit.

    In the future, purchase a "personal property floater" policy for your valuable collectible items.

  • KL
    Lv 6
    8 years ago

    Nothing you can do at this point. You should have had the cards appraised and scheduled it on your homeowenrs policy. Then at the time of a loss (i.e. fire, theft) you will get paid the value of the cards.

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