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How much can my family claim on homeowners insurance after an in house robbery?

Author : Jaideep A

Submitted : 2018-02-24 02:04:25    Popularity:     

Tags: homeowners  claim  family  robbery  house  

My house was burglarized recently, and they stole roughly 25-30K worth of jewelry and goods. We have a few appraisals of the jewelry that got stolen. Anyone that went through this experience or has any idea on how house insurance works can you let me know

Answers:

Did you have a Valuable Article Floater or a rider covering your jewelry? Those appraisals are irrelevant if you didn't have those items specifically covered on your policy.

All homeowners policies contain sub-limits for valuable articles; jewelry, art, silverware, guns, furs, etc. So, you might have only $1k-5k of coverage for jewelry if not otherwise addressed in the policy.

Anything not defined as a valuable article will be covered per the terms of your policy pertaining to contents. An unendorsed HO-3 and you have Actual Cash Value on your contents. Most agents push replacement cost on contents...but if you chose the cheapest option from a website...you don't have replacement cost coverage.

Actual Cash Value - What your stuff is worth today, but used. So, what you might see your item listed for sale on eBay or Craigslist.
Replacement Cost - The cost to replace your item as brand new...today.

Homeowner's insurance generally covers furnishings and items in general, NOT jewelry. You need a jewelry rider if you expect money for that. Also, special collections may require a rider. Read your policy. We cannot know exactly what you purchased without reading your policy.

you need to itemize each item that was stolen, you need to have some date that is was acquired and what it cost, as well as the market value at the time of the theft, in many cases insurance will not pay on antiques unless you have appraisals documented
dated pictures of the items is good but you will need documentation n what you claim

You put a claim in with the insurance company that is covering the jewelry. Nobody with jewelry of that value has no insurance on it. I dont mean homeowner's insurance.

Most policies have a limit on how much they will cover for jewelry and other expensive goods. A rider can be added to the policy to raise the limit on those items. Read the declaration page of your policy to see what is covered. You would get the appraised value minus the deductible or your policy limit, whichever is less.

Since there is no federal law on this and the amount will depend on YOUR SPECIFIC POLICY with YOUR SPECIFIC CARRIER, I highly suggest you ask YOUR carrier about YOUR policy and use common sense.

Replacement cost is normally what you will get.. So if you have a 10 year old couch stolen you will get the value for a 10 year old couch. Jewlery is normally insured for a certain amount if you did it right. So if you have a $10k diamond & you told your insurance company you wanted it insured for that amount you would get that amount.. Many people don't do this however & end up getting less.

Depends on the specific policy coverage. Valuable items should be listed separately so you get replacement value. But if not, you document the value of what was stolen and hope to get at least fair market value of the items if they had been sold instead.

Your broker should be listed on the policy. Without seeing it this is impossible to answer.

You'll have to submit a claim for a definitive answer--we don't know what's in your specific policy. However, expensive items like jewelry, furs and art are often not covered under a general policy, and require a separate schedule or rider (and premium) to cover those items. Be prepared for that possibility.



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