Personal Property Claim after Lightning Strike

[computerworx]

What is the name of your state (only U.S. law)? South Carolina
The insurance company requested for evaluation on high value item Big TV 52" LCD cost $2200, Personal Computer (custom built ), But for other low value and old items they didnt require it. So to cut the story short I submitted the evaluation for big TV for repair would cost $600++ ,After finding out there's an option of repair or replacement cost, They insist that since it can be repair then the repair will prevail first. But for the old TV they are willling to pay for replacement cost of $470 and yet this one they didnt require to have evaluation. Now Im insisting to them to have the 52" TV instead of repair I would prefer for a replacement cost. They insist that it should be repair, Now the issue is why is it for the high value item they go for repair and for the low value item they are willing for replacement isnt it should be standard approach. Take note that my coverage covers for the value of the item whatever that cost of it when you first bought it. Whats the next best thing should I do in order to prevail what Im insisting. Thanks for any adviceWhat is the name of your state (only U.S. law)?

[ShyCat]

Simple math. It often costs less to simply replace lower-cost TVs than to repair them. Obviously, a $600 repair bill is less than the replacement cost of a $2200 TV. They are not obligated to pay more just because you prefer replacement over repair. Insurance is designed to make you whole, not to profit by it.

[uswcdh44]

^ agreed^

For low dollar items, it doesn't make sense to pay someone to look at it ($50-90), see if it's repairable, and then pay to repair it $400.00-$1000.00. for higher dollar items, it makes sense to check them out and get them repaired if possible.

Your policy most likely provides that the insurance company has the OPTION to repair or replace property, and this is applied on a per item basis. Knowing that you can repair the TV for $600 and paying you $2200.00 would allow you to profit from this loss, not simply get you back to what you had before the lightning strike.

[computerworx]

Ok thanks for the reply on that follow up related issue:
The Big TV is connected to Surge Protector which is if anything happen to the BIg TV thru Power Surge it will be covered by the Surge Protector, I mentioned this to the Insurance company and they said they will help me out to go after the Surge Protector company so I can at least redeem the deductible thru them, In short my Homeowner insurance company require me to send them the surge protector, So I send this to them. After all the paper works for the BigTV and repair cost of $600, I follow up with my Homeowner Insurance about the status of claim for the Surge Protector and they answer me that since it will only cover $600 this is not enough to cover my deductible and its useless. Take note that on the surge protector website if you want to file a claim with them it needs to be send out w/in 15 days of the date of incident. Now I am left in the middle by my homeowner insurance because they telling me its not enough. I was wondering at least if they can go after the surge protector and recover back at least $600 then that amount can go directly to the deductible which can also give me extra $600 for other replacement that I need to spend. What's the best way I can do now?
Do I have the rights to claim the Surge Protector Company?
Since I already file a Claim with the Big TV on my Home Insurance?
As far as Im concern there's two different coverage here and what the homeowner insurance is telling me is that I already file claim to them and it is not right to file a claim to Surge Protector again because it didnt exceed the value of my Homeowner dedcutible. Please let me know my best move here.Its really hard on my part.

[ecmst12]

Now the total amount of your claim is over your deductible, right? So your insurance company will go after the surge protector company to get back what they can from them, and some or all of that will be applied to the deductible they took, and so be refunded to you. Getting SOME of your deductible back is better then getting NONE of it back, right?

[computerworx]

Thanks for the reply here's the status:

Right now my claim is over the deductible so anything over that is due for me, Now were on the same page of understanding so the insurance still need to go after the Surge Protector Company and whatever the Settlement for the Surge Protector will be apply to my deductible and the Insurance should give that money back to me. So its not a double claims right?

[JustAPal00]

Thanks for the reply here's the status:

Right now my claim is over the deductible so anything over that is due for me, Now were on the same page of understanding so the insurance still need to go after the Surge Protector Company and whatever the Settlement for the Surge Protector will be apply to my deductible and the Insurance should give that money back to me. So its not a double claims right?

If they get the full amount of the loss back then your deductible will be refunded. Did the warranty that came with the surge protector exclude lightning strikes?

[ecmst12]

I find it unlikely that a surge protector warrenty would exclude the EXACT thing that it's supposed to be protecting from.

You need to ask your insurance company how they will handle the money they get back from the surge protector company. There is no one way that every company does it. If they get back something less then the full amount they paid out plus your deductible, the 2 most likely outcomes are, they give you your deductible back FIRST and they eat all of any loss, or they split the recovered money between them and you so that you both share the loss. How they handle it seems to largely depend on how much importance your insurance company places on getting good customer service ratings.

For example, your claim is $5000, your insurance pays $4000 and your deductible is $1000. Say then they recover $2500 from the surge protector company. They may give you the full $1000 back, take the $1500 in recovery, and write off the rest. Or they may pro-rate - they got back half of the total cost of the claim, so they give you half your deductible, ($500) and keep $2000 for their recovery (half of what THEY paid out) so that you both share the loss equally. The choice is theirs, so you have to ask your adjuster.

[JustAPal00]

I find it unlikely that a surge protector warrenty would exclude the EXACT thing that it's supposed to be protecting from.

You need to ask your insurance company how they will handle the money they get back from the surge protector company. There is no one way that every company does it. If they get back something less then the full amount they paid out plus your deductible, the 2 most likely outcomes are, they give you your deductible back FIRST and they eat all of any loss, or they split the recovered money between them and you so that you both share the loss. How they handle it seems to largely depend on how much importance your insurance company places on getting good customer service ratings.

For example, your claim is $5000, your insurance pays $4000 and your deductible is $1000. Say then they recover $2500 from the surge protector company. They may give you the full $1000 back, take the $1500 in recovery, and write off the rest. Or they may pro-rate - they got back half of the total cost of the claim, so they give you half your deductible, ($500) and keep $2000 for their recovery (half of what THEY paid out) so that you both share the loss equally. The choice is theirs, so you have to ask your adjuster.

It would depend on the strike. A direct strike to the dwelling or over head to a transformer would be too powerfull for almost any surge protector. I'd read the exclusions on the packaging. You buy a padlock to lock your locker, but most claim no libility for theft from said locker.

[moburkes]

Thanks for the reply here's the status:

Right now my claim is over the deductible so anything over that is due for me, Now were on the same page of understanding so the insurance still need to go after the Surge Protector Company and whatever the Settlement for the Surge Protector will be apply to my deductible and the Insurance should give that money back to me. So its not a double claims right?

You will get your deductible first, then they will get the rest. No, not a double claim.