insurance settlement or not?

[Vic420sel]

What is the name of your state? Illinois

I opted for a cash settlement for the items that were stolen from my home. My insurance adjuster listed the replacement value on items and then depreciated them. He said if I replace them to file an amendment and he will give me the depreciated value back. My policy states: The following settlement procedures applies to all property insured under this endorsement- a. We will pay no more than the least of the following amounts:
1. Replacement cost at the time of the loss without deduction for depreciation
2. the full cost of repair at the time of loss
3. the limit of liability that applies to coverage C, if applicable
4. any applicable special limits of liability stated in this policy or
5. For loss to any item separately described and specifically insured in this policy, the limit of liability that applies to the item.

b. When the replacement cost for the entire loss under this endorsement is more than 500.00 we will pay no more than the actual cash value for the loss or damage until the actual repair or replacement is complete.

c. You may make a claim for loss on an actual cash value basis and then make claim within 180 days after the loss for any additional liability in acordance with this endorsement.

Why would I get a depreciated value for the items when in this policy says no depreciated value? Does this sound right? Is this how the insurance works? My adjuster just wants me to repurchase my items from his people not on my own. Is this a tactic to make me do just that? Why would I get a depreciated value on a scheduled item that I pay for seperate? Please help! Many thanks...Victoria :}

 

[Beth3]

If I were you, I'd call my insurance agent and ask for an explanation as to why you are not receiving the benefits you are entitled to under the policy he/she sold you.

 

[Joe Schmoe]

a. We will pay no more than the least of the following amounts:
1. Replacement cost at the time of the loss without deduction for depreciation
2. the full cost of repair at the time of loss
3. the limit of liability that applies to coverage C, if applicable
4. any applicable special limits of liability stated in this policy or
5. For loss to any item separately described and specifically insured in this policy, the limit of liability that applies to the item.

b. When the replacement cost for the entire loss under this endorsement is more than 500.00 we will pay no more than the actual cash value for the loss or damage until the actual repair or replacement is complete.

c. You may make a claim for loss on an actual cash value basis and then make claim within 180 days after the loss for any additional liability in acordance with this endorsement.


********According to 'b.' if the loss is over $500, you get ACV and will be reimbursed for the replacement cost value after you show that you have replaced the items.

If your claim is less than $500 there is no depreciation. Over that, you are reimbursed the depreciation when the items are replaced.


Joe