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Full Replacement Value Homeowners Coverage

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crisgo691

Junior Member
What is the name of your state? Florida

I recently filed a personal property claim with Allstate for a lightening strike on a huge pine tree on the side of my home. We have the "Deluxe Plus" policy with "full replacement value" coverage. The strike also damaged a router(since replaced at $89.00), a flatscreen LCD monitor($660.00), an old 21" tv($400.00 new) and my wifes computer/cpu ($953.00). I paid for a diagnosis on the cpu and LCD monitor at CompUSA ($119.00).

My agent/claim rep has deducted my $500.00 deductible and given me a total gross claim amount of $1,825.50 less <$503.93> depreciation bringing the total to me to $ 821.63. The <$503.93> only recoverable IF we go out and replace these item ourselves and THEN send him the receipts.

For the tree coverage he wants us to hire a tree surgeon and if he says it will die, Allstate will address the tree loss.

My question(s) is:

a) is depreciation part of "full replacement cost" coverage?

b) do we HAVE to replace these items to receive the full settlement?

c) who should be paying for the electronics and tree damage diagnosises?


Seems to me our "full replacement value Deluxe Plus" coverage is pretty much the same as 'actual cash value' coverage UNLESS we fork out the money to pay for these items and THEN get the balance for the covered items.

Since few folks I know have the funds these days to replace these items (prepay) without the full insurance settlement it seems to me the insurance company is making a fortune due to our inability to pay for these items up front by keeping the balance ($1,000.00) of our claim. They did the same with our hurricane coverage last year. We couldn't prepay to have our screen pool enclosure replaced after paying a $4,100.+ deductible for a new roof so we're still left with a destroyed and unrepaired screen enclosure and they got to keep another $800.00 due us on our coverage. Something smells !!

This is a GREAT site. Wish I'd know of it last year during our 4 hurricanes (3 that hit central florida where I live)

Thanks for your time and any advice you may be able to offer.

crisgo691
Longwood, Florida
 


claimlaw

Member
The answer is "yes" to all. There is no such thing as guaranteed replacement cost coverage. The only thing that is Deluxe is your added premium for the benefit of an ACV settlement.

The diagnostic expenses are claim expenses that were required or requested by Allstate. They must pay them unless they are unreasonable.

Claimlaw

BTW: Excellent analysis of the circumstances - you hit the nail on the head.
 

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