Homeowner’s Insurance Claim – My house was broken in to and we filed a claim and we received our settlement…?
When we replace our contents how does that work? I know we have to submit our receipts but I’m curious…. Example: Our tv was stolen, 5 years ago we bought it for $ 1000 today after depreciation it’s actual cash value is $ 800. But, we have replacement cost on contents. If the cost to get a tv as close to like kind as possible today is $ 1200 how much would we get after submitting our receipts? The $ 1000 or the $ 1200?
Sid, your friend had to have his deductible taken out of that amount and if he would have replaced his tv and submitted his receipt to the insurance company he could have recovered some of the depreciation value if he has replacement cost contents on his insurance policy. Also, adding things to your claim that you shouldn’t is dishonest and constitutes insurance fraud.