I am wondering if anyone as received what is called replacement value? If the insurance awards for example 10.000 dollars for lost items and a few weeks later they give you what? a check? cash ? credit card? then you have lets say 80 days to spend all the money , then you spend it and you purchase all items back. After you Summit all the receipt to the insurance company are you aloud to go back to store and bring item back and keep the cask? please someone answer me
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{ 3 comments… read them below or add one }
When you are insured on a Replacement Cost basis, the claims process can get a little tricky. They will review the items, determining the Replacement Cost and depreciated amount or Actual Cash Value. The company will cut you a check for the ACV with a stipulation that when you replace the items, they will send you the balance. Once you send them receipts of the replaced items, they will send you the balance to bring your claim up to the Replacement Cost value of your property.
At that time, you can do anything you want with your property, you are the owner of it. Think about it though, it is something you owned before and could have sold, why sell (actually return) it now?
Good Luck.
Your initial claim for actual cash value is paid with a check. You have 180 days, on the standard policy, to replace your items and get the recoverable depreciation back.
If you buy the items, turn in the receipts and UPC codes for reimbursement, and then return them, that’s called fraud. It’s a form of stealing. Any person of faith would not do that – it’s dishonest and illegal.
If it feels wrong, it probably is wrong. Just in case you’re not a person of faith, so don’t have a trained concience. I mention that, because you’ve posted this question, what, four times? And I guess you don’t like the answers you’re getting.
Casey gave a great answer. The only thing I can add is that to return an item after you were reimbursed for it is a mild case of insurance fraud. Just don’t go there.