Home owner's insurance question
they will pay up front the depreciated cost of your gear and then pay the remainder of the "replacement cost" when you show proof of purchase....some carriers just pay the whole thing up front. Can you have replacement cost reimbursement on your audio system only? IOW, can you single out the system from the value of other property? |
But the replacement cost section states that the insurance company won't pay until you actually replace your stereo system. If one makes a big claim, let's say $100,000, how does one pay this first if you're going to get paid afterwards? Yeah. If only we had some way of providing money now and paying it back later. Like, a credit. Of course having the money now is worth more than having it later, so you would probably have to pay back a little more than the credit. Lotta complicated details to be worked out. Probably never happen. Not in a million years. |
As an ex insurance guy, @@dweller and @tuberist are correct. You get the actual cash value of each irem first and then the remaining $ after you actually replace the irem. The policy covers full replacement cost only if you replace. You can replace with a similar item, it does not have to be the same manufacturer or model. |
ericsch ... personal property is covered for specific named perils, unlike the dwelling which is covered for "all risks" ...It’s uncommon for a homeowner’s policy to cover all risks. For example, you need separate flood insurance if you want that protection. Many policies exclude earthquake coverage - that requires an additional premium. It’s always best to read your policy - although few do - and consult with your agent. "Civil insurrection" is another common exclusion. |
