No Receipts What Do I Do

[NCAgent]

I'm sorry to hear about your loss. But as it was mentioned before, regardless if you have all the receipts, appraisals, and witness statements/pictures in the world, you still have sub-limits for items for theft. So be prepared to get less than the value of what you lost simply because of these limits. Now, if you got an upper-level policy with certain endorsements (i.e. expanded limits on these items for theft and agreed-value on certain items that are scheduled/blanket property limits) then those limits might change.

Let us know how this works out. I'm interested to see how close we, as agents, were to what the company actually handles for your policy and the loss.

 

[djs]

The burglar (s) stole some jewelry, money, collectible coins, guitars, and some other personal items.

you still have sub-limits for items for theft

I definitely agree there are sublimits for many of the items that were stolen. Unfortunately, that part of the answer is carrier/state specific so without that missing piece, there is no good or complete answer.

marc stew - as has been pointed out, items like 'cash' will have a limit on how much you can claim. For cash in many policies, this will be in the neighborhood of $100 to $500, unless you had this raised.

Jewelry will always have a sublimit both on a per item bases and on a total basis. If you had a $5000 tennis bracelet that was stolen, expect a per item limit on this for $500, maybe $1000, max, that they can pay for this. Also, depending on the policy, you'll cap out somewhere between $1500 and $5000 total that they will pay for jewelry unless you had a floater or increased limits.

My point in this is that it will never be as clean as 'pay what its worth' since most of the items you listed are items that will have limits applied to the amounts.

On the other hand, I had an insured have her jewelry stolen earlier this year, from her neighbors house (she was out of town, she gave it to them for safe keeping) and we paid out close to $60,000 for it. It was all properly documented and had a floater that covered this loss.

She has now replaced it all and we've got the new stuff covered.

Dan

 

[marc stew]

I asked for a copy of my policy today and they emailed 40 pages of junk and blah blah blah if you ask me. I could not find ANYTHING that set limits besides if I had a boat, home damages and terms. I emailed them back flat out asking what they cover for instruments, certified papers, jewelry, etc... I did file a police report, have a suspect in mind and spoke to an investigator today and he wants to wait and see if anything turns up in the pawn shops. he said there is no sense going up to anyone and asking did you rob this person which makes sense. I live in Texas and my home owners is around $200 a month for a home worth $350,000. Perhaps I need to change carriers

 

[TeePee]

I may not have receipts but I sure do have a lot of pictures of me playing my guitars as proof. I never knew my guitar would value that much, I never thought about it. As far as coin collection, I do have pictures of that as well. I actually went around with a vidro camera and shot a viv of all my items including the video camera in a mirror.

Wow that is a little strange because I have a lot of collectibles but don't go around taking videos of them

I think they should pay out what the guitar is worth because a new one may be worth $1600 and not play as well or be make in china which would suck as well but I guess once I file the claim we will see what they come up with. I am sure they will want to cover their own butt. I have had home owners ins with them for 20 years, never filed a claim and paid $200 a month so that should be worth something coming my way. Either way, I will learn a lesson

I strongly suggest you don't tell this to an adjuster or go into an interview with this attitude of a chip on your shoulder of what you *think* they should and should not do. The policy is spefic on what is and is not covered and what limits there are on your policy. Read your policy and reread it. Highlight the areas that show this coverage. Just because you have insurance doesn't mean it up to your interruption of how the policy reads, it is up the law on the state books . Remember in insurance claims, the squeaky wheel rarely gets oiled and if you are nice, the adjuster and claim investigator are more likely to work with you. Thief claims are one of the top red flag claims and if you balk to begin with, expect a special investigator to be on your claim in a heartbeat.

 

[NCAgent]

A lot of people film or picture their things. Either to brag about it or because they are good, smart clients. I tell all of my clients to walk through the house and film things that they feel deserve special attention. This means electronics, collectibles, artwork, and things of a "concentrated value." This is specifically for things like this. It prevents having to track 30+ year old receipts or spend money getting another appraisal done if they don't want to get one done.

 

[marc stew]

A lot of people film or picture their things. Either to brag about it or because they are good, smart clients. I tell all of my clients to walk through the house and film things that they feel deserve special attention. This means electronics, collectibles, artwork, and things of a "concentrated value." This is specifically for things like this. It prevents having to track 30+ year old receipts or spend money getting another appraisal done if they don't want to get one done.

My father told me to do this years ago and I even take a picture of the video camera I have by looking in the mirror and say "this is the video camera I am using to take all these pictures" it is just plain smart. Besides, I played in bands and still do and lots of people take pictures of people playing in a band for web sites, facebook, etc...

Tee Pee, I will not have an attitude. I am only stating that my policy is not clear "at all' as far as what is covered. I will not TELL the adjuster anything. I am simply expressing my opinion on a forum in which I am asking for help or suggestions. You say you have collectables, well if you have a table and hutch worth $30,000 that came from your great grand parents as a family loom and 200 years old I am sure you would not want to settle for a new one worth $1500

I asked for an investigator from the insurance company as well as the local police so I am not sure what you mean by "Thief claims are one of the top red flag claims and if you balk to begin with, expect a special investigator to be on your claim in a heartbeat"

 

[djs]

Marc -

The adjuster will go through the limits on the policy with you. I know its tough, but have a bit of patience. The carrier will do their job.

Once you have the adjusters adjustment, then you can push back on whatever you feel isn't correct and see if you can have them show the policy language or whatever is necessary on that part. They will. In fact, a lot of time its referenced in the settlement letter already.

Dan

 

[Insurance-Guy]

As others have stated you will have limits on specified items like cash, coins, musical instruments, jewelry. Receipts are not always necessary but the burden of proof is on you – meaning that it is your responsibility to prove what you had. That is the way it works...anyone could say I had a Rolex, or a diamond ring worth $10k. That is why they put specific limits on policies so they can insure the risk.

One piece of advice I can offer is to see if you have any home videos or pictures that show the items that have been stolen. This is proof that they were in your home…I always recommend to my homeowners clients to take a video of their entire homes showing contents. Save receipts for large items…and make sure that you have jewelry firearms and etc scheduled.

If the police report is filed it is possible they may catch the crook…and you may end up getting your stuff back. Work with the adjuster and give them as detailed list that you can provide any proof that you have that you actually owned these items.

Best of luck to you…

 

[marc stew]

Thanks djs, I am feeling a little better. An investigator called me and I spoke to my "local" agent and it made everything pretty clear

Marc -

The adjuster will go through the limits on the policy with you. I know its tough, but have a bit of patience. The carrier will do their job.

Once you have the adjusters adjustment, then you can push back on whatever you feel isn't correct and see if you can have them show the policy language or whatever is necessary on that part. They will. In fact, a lot of time its referenced in the settlement letter already.

Dan

 

[gebins]

Most company's don't question simple claims but your appears to be more complex. Musical instruments usually carry a set limit.