Insurance Companies- A Rip-off !!
12-12-2002, 02:31 PM
#11
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It was a data loss and they are just procreastinanting....I mean a 3 hour sworn statement with a court reporter with such questions as to what was the reason behind a auto accident 8 years ago WTF, what is the name of my boat, etc. Just BS The bad part is I like my agent he is actually a boater @ LOTO and I cant stay with a company that wont stand behind things. I have had great luck on auto stuff but heavan for bid a business claim. The land lord for my building is still fighting for over a year on the roof of the building we are in.
12-12-2002, 07:19 PM
#13
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Insurance Company: Take your money in case something happens and when it happens, play like hell to keep as much of your money as they can. They don't want to give up money thats in their nature. I'm in a battle with State Farm. The largest insurance company in the world. My advice to you is to strong-arm them and hold your ground. Tell them to give you a check and you will buy your own stuff.
12-12-2002, 08:04 PM
#14
Charter Member
Charter Member
Insurance companies are always crying that insurance fraud raises everyones rates. Yet when you pay for a policy to replace items that are stolen, they always beat you up and end up trying to pay less than the replacement value. Now isn't that fraud.
12-12-2002, 08:21 PM
#15
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Good luck...My fathers house was burglarized and a floor safe was broken out of his floor. They took all the items in the safe and the loss was about 130k. He had individual policies on most of the items, most of them being expensive jewelry. These items had an agreed value policy on them.
My dad had been with Farmers for 33 years when the burglary occured, and they refused to pay. He hired an attorney that specializes in sueing insurance companies and eventually won his claim, but the attorneys were the only ones to really make out. It took five years to settle the case and my father got 250k (interest and some other awards to the original claim), but the attorney was awarded 1.8 million in seperate fees.
We were told during the process that farmers will often reject claims over 50k and then try and talk you down on the dollar amount. They tried this with my father but he did not back down. I would talk to an attorney if I was you so you don't get screwed.
My dad had been with Farmers for 33 years when the burglary occured, and they refused to pay. He hired an attorney that specializes in sueing insurance companies and eventually won his claim, but the attorneys were the only ones to really make out. It took five years to settle the case and my father got 250k (interest and some other awards to the original claim), but the attorney was awarded 1.8 million in seperate fees.
We were told during the process that farmers will often reject claims over 50k and then try and talk you down on the dollar amount. They tried this with my father but he did not back down. I would talk to an attorney if I was you so you don't get screwed.
12-12-2002, 11:06 PM
#16
Platinum Member
Platinum Member
Before anything happens, general good practice.
#1: Have a valid written appraisal for each piece of jewelry over $700. Send copies to your agent. Pictures are good, too - put a coin in the picture for reference.
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As far as your loss this time, DO get values for the other items, even though they are over the coverage limits. They will send you a receipt that shows that you lost XXX amount, but they only compensated you for ZZZ amount. Your tax man will need this receipt to get you some deductibility for theft losses on your federal taxes. Don't let those pennies go to waste... Without the insurance company receipt showing a gap in the compensation, then you cant get any benefit or tax break.
#1: Have a valid written appraisal for each piece of jewelry over $700. Send copies to your agent. Pictures are good, too - put a coin in the picture for reference.
___________________________________---
As far as your loss this time, DO get values for the other items, even though they are over the coverage limits. They will send you a receipt that shows that you lost XXX amount, but they only compensated you for ZZZ amount. Your tax man will need this receipt to get you some deductibility for theft losses on your federal taxes. Don't let those pennies go to waste... Without the insurance company receipt showing a gap in the compensation, then you cant get any benefit or tax break.
12-13-2002, 08:27 AM
#17
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Thread Starter
Ok, here is the rest of the scoop! Legalized theft!!
It goes this way: If you have a ring that is appraised and documented as $10,000, you paid $8000. You insure it for 10K, pay for it as 10K. It gets stolen & insurance pays you 4K. Legally. The policys are written saying " replacement cost or market price". That is not OUR cost, even it that is what we paid. They can replace the ring for $4000 thru a wholesaler, so that is what you recover, even though they charged you for 10K.. Plain and simply ....robbery!! So, what ever is lost, it was a little bigger, a little brighter, a little thicker, 10k gold not 18k, etc......
And the insurance companies think this is NOT an integrity issue!! HA !!
It goes this way: If you have a ring that is appraised and documented as $10,000, you paid $8000. You insure it for 10K, pay for it as 10K. It gets stolen & insurance pays you 4K. Legally. The policys are written saying " replacement cost or market price". That is not OUR cost, even it that is what we paid. They can replace the ring for $4000 thru a wholesaler, so that is what you recover, even though they charged you for 10K.. Plain and simply ....robbery!!
So, what ever is lost, it was a little bigger, a little brighter, a little thicker, 10k gold not 18k, etc...... And the insurance companies think this is NOT an integrity issue!! HA !!
12-13-2002, 09:33 AM
#18
Gold Member
Gold Member
The last time we were hit by lightning I had to replace our telephone/answering machine along with varous other items. The adjuster told me to go out and get one just like it or one with the same features. My phone wasn't on the market any more so I found a replacement. The adjuster balked at the 175.00 price and refused to reimburse me. He insisted I accept one "he" selected out of a Service Merchandise catalog. He said he found one with similar features for less money. I played his game, looked in their catalog and found one with less features and a price that was far higher than the one I bought.
I had a check for the full purchase price within three days.
I've never had trouble with my insuracne company before, but then it was the fourth time in five years our house was struck.
I had a check for the full purchase price within three days.
I've never had trouble with my insuracne company before, but then it was the fourth time in five years our house was struck.
12-13-2002, 10:51 AM
#19
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these blood sucking insuranse companies all suck ! i had a 90 year old guy in a six month old motor home rear end me . he totaled my collectors car. i have been fighting with an A hole at the hartford for over a year now . i hate to get a lawyer involve due to the cost. but i have been jerked around long enough....
INSURANCE COMPANIES ARE BLOOD SUCKERS !
INSURANCE COMPANIES ARE BLOOD SUCKERS !
