Sales Receipt Holding Things Up !

[Kelly43]

Can insurance Agents, investigators, claims adjustors or whomever verify sales receipts? I'm only asking because one of my receipts I gave him is like a year old and I was thinking how can they verify a year old receipt? It seems like that’s holding things up and I'm just ready to move forward.

And if they can, how long do it take for them to do that?

 

[djs]

Re: Sales Reciept Holding Things UP!!!!!

Not sure what you mean, seems part of the story is missing here.

I assume you filed a claim, the claim is taking longer than you thought. During part of the process, you submitted some receipts to show what you bought and how much you paid for it.

Receipt 'verification' is not really part of the process. This is why I'm confused on what you are asking. I assume this is a homeowners claim and you had a loss (theft, fire, whatever). You submitted receipts to show what items you had, and then things came to a standstill.

Now, it depends on your policy and in some cases, the type of loss. Does your policy cover full replacement cost? Or does it cover ACV (actual cash value, or depreciated value)? Are somethings perhaps over policy limits? Jewelry will frequently run into this type of problem.

Usually all of this is sorted out pretty quickly, but someone, somewhere is probably trying to determine the value of the items you lost. A year old receipt isn't proof of value today. This is especially true in things like electronics, where perhaps that item doesn't exist anymore, OR, it has been discounted due to newer items coming out.

You should talk with the agent and find out what the timeline is, even though you have to understand there is nothing firm.

If it's been over a week without forward progress, call the claims person and get an update. Actually, I'd call my agent every day if I had questions, or he should be calling me if its a bigger claim.

Dan

 

[Kelly43]

Thanks for replying to my post, I guess i was a little sketchy about a few details. I filed a claim on the 20th of November because someone broke in my house. I called the cops to get the police report and everything but it's been like three weeks and there still trying to process my claim. I know three weeks is not a long time but everything just seems a little sticky with the process is all and I just wanted to know if they could be trying to verify that receipt that a year old.

But thanks for giving me the understanding because my claim is around 16,000 bucks and my policy says "replacement of personal property" but I'm just not sure whats going on at this point because they don't call me everyday to give me an update.

 

[Fisher]

I'm just not sure whats going on at this point because they don't call me everyday to give me an update.

Call them.

 

[djs]

Yes, simply make a call. Adjusters are used to this Unfortunately, they tend to be a bit overloaded and don't make as many outbound calls as they probably should.

You have 2 problems that are probably slowing you down. One is the Thanksgiving holiday, which probably really isn't slowing the claim down as much as it is the police department and the carrier is probably waiting for a copy of the police report. The second is most personal property claims of $16,000 tend to get a second look. No big deal, but they want to make sure everything is within all of the sublimits.

'Replacement of Personal Property' does not indicate how they value the property. This is a key point. Also, just be forewarned they will usually only pay full replacement value (if you have that coverage) if the item is actually replaced. This means they may only cut you a check for actual cash value (depreciated amount) upfront, and then as you replace items, pay the balance. Your agent should be able to tell you how this works on your policy. It's not an overwhelming claim, so they may write one check, but usually not on for this size.

Dan