4 Responses to “homeowner insurance claim?”

1. Jo says:

   November 15, 2009 at 2:05 pm

   Check the details of your homeowners policy. There may be some exclusions and limitations. They should cover your laptops. They would likely cover your guns. As for the necklace, if it wasn’t a high value item, it would be covered. If it were high value, you should have had a personal inland marine policy on that. The same way, if your guns were of high value due to them being collector’s items or antiques.(If you are just a regular person with only an average amount of jewelry and just regular guns, you don’t need IM coverage - only if you have a many of them or if any of them are very high value.)

   Also check if you have coverage on an “actual cash value” or “replacement cost” basis. If you have ACV, what you would be paid to you would be based on the cost that you might get if you were to sell them second hand. If you have replacement cost, you would get the cost based on what it would cost to purchase the most similar item new. All of this is after you paid your deductible.

   Let’s say you have a deductible of $500. The total purchase price new of your stuff was $2,500. You have ACV on your policy. The ACV valuation of the stolen items is $987. (The adjusters have guidelines that tell them what something should be worth.) In this case, you would receive $487.

   However, if you have replacement cost value and it would cost $6,000 to replace your items with new, you would receive $5,500.

   How long does it take to get your money? After the adjuster has finished his work and has sent it in, you should receive it in a week or so.
2. zeuz says:

   November 17, 2009 at 10:39 am

   I assume your policy is an HO-3 Policy with an HO-15 Endorsement.
   If I recall correctly, the sublimits for:

   Guns = $2,000
   Jewelry (unscheduled) = $500

   I don’t believe there is a separate sublimit for computers, but it wouldn’t be the first time I’m mistaken
3. teenautoinsquote says:

   November 19, 2009 at 9:18 pm

   The next thing that you should do is to inform your insurance Company about the theft. The homeowner policy will cover all these items but the limits of coverage would be limited, unless you have taken additional insurance for them -especially your jewelery and if the guns are antique. The other thing settlement would depend upon whether you have replacement clause or actual loss amount. Your deductible amount will be deducted from the total claim.
   The claim would be settled within a month by the insurance company mostly, once you give them the documentation required which would be the bill for these items and photographs.
4. mbrcatz says:

   November 20, 2009 at 4:45 pm

   There’s a limitation to coverage on guns and jewelry, by theft. The laptops should be covered.

   You can count on a theft probably taking at least 3-4 weeks to investigate - but it’s really odd that the ONLY things they took were the ones listed above. Because of that, it might take longer.