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does my insurer have to pay the full amount for a covered item if the price rises after a claim?
I had a fire and my insurer sent me a final list of the items they would cover and their actual cash values and the replacement cost of those items. It has now been about nine months and I recently replaced one of the major covered items, the price of which has risen dramatically since the estimate, now they are claiming that they only have to pay the amount they initially estimated it to cost. I had a replacement cost policy, and the additional cost on this item doesn't put me above my policy limits.
I forgot to mention that they informed me that I had one year from the date I received the final list to replace the items on it. The fact that they stall when issuing checks for the items replaced makes it take longer, particularly on a large claim, for the homeowner to afford replacements in a short time period. It was, however, replaced in less than the one year limit, and thus they owe the current price, just like they would owe the final price on construction of a replacement structure, not the estimated price, correct?
3 Answers
- BillLv 78 years agoFavorite Answer
They should pay the replacement cost if you purchased the new item within the time frame. Replacement cost would be based on the manufacturer's recommended retail price not an inflated price charged by some retailers.
- ZarnevLv 78 years ago
They gave you the estimate based on the cost at that time. It was your responsibility to replace the item at that time and at that cost. It is not the insurance company's fault or responsibility that you waited.
Source(s): Independent Ägent - ?Lv 48 years ago
Sadly they are correct. Or have to pay a market value if it's lower than what you paid for it citing depreciated cost so yes they can legally do this... it's annoying but legal.
