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Jeff L asked in Business & FinanceInsurance · 1 decade ago

A deer broke through my studio window and broke some equipment. The insurance adjuster left a message to?

get receipts for the damaged equipment. I don't have receipts for everything as a lot of it were gifts/barters, etc. Should I expect a problem in my settlement because of this?

4 Answers

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  • Tom Z
    Lv 7
    1 decade ago
    Favorite Answer

    Because the equipment is damaged and not stolen you have no problem with establishing that you actually own the items you are claiming. So the fact that you no longer have a receipt will not be an issue. Where the need for receipts becomes more of an issue is in a theft situation where a person might be claiming theft of expensive TVs, elaborate sound systems, high end cameras or laptop computers. In those cases adjusters will expect some type documentation.

    Source(s): ...
  • 1 decade ago

    Not exactly. You will not have a problem getting them to paying something. They pay for the things that you did buy and have shown on receipts. The things obtained by barter, gift, or theft, either will not be covered at all or will be covered only based on whatever low figure the insurance company estimates for their value. You will get much less money, but you will not have a problem getting something.

  • 1 decade ago

    No. Usually, if you can dig up receipts for 10%, you're doing great. If you've got any photos or videos verifying the actual EXISTANCE of the rest, that's a good thing.

    Most people can't come up with proof of much more than half (excluding photos). Unless you're claiming some really weird stuff, it shouldn't be a problem.

  • 1 decade ago

    A gift or a like/kind exchange still has a capital gains value. You should have declared any net gain on the property and that would have helped as you would have your tax forms to back it up. If you did not, never fear, you can so an amended tax return and use that.

    A like kind exchange only counts if you exchanged similar property.

    You can also claim a personal casualty loss.

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