Homeowner insurance ?

[02ducky]

After the break in we decided to file an insurance claim for the stuff that got stolen. The insurance lady said that we needed to make a list of the stuff and then they would reimburse us. She also mentioned that there is a depreciation value on some of it.

How does my knifes that were stolen depreciate?

I hope whoever broke in cuts there little pee pee off with my knife. I am still pissed about this one.

[cstone]

I am still pissed about this one.

Rightfully so.

Still, I'm glad no one in your family was hurt. Stuff can be replaced...

It's a never ending struggle to make your stuff harder to steal than another neighbor's stuff. There will always be thieves. I wish I was wrong about that, but there it is. Even poor people get robbed. How asinine is that?

It won't make you feel any better, but talk to your tax person next year about deducting any losses after depreciation. It's worth a try and businesses do it all the time with shoplifted merchandise.

Be safe.

[BigBear]

Almost everything will depreciate...

Glad they'll try to do something for you though.

[Irving]

There is a specific equation that is used for depreciation. I do not know if it will apply to something like a knife (as opposed to a lawn mower). For something like your collection, make sure to ask if they will use replacement value or what.

[Ah Pook]

After the break in we decided to file an insurance claim for the stuff that got stolen. The insurance lady said that we needed to make a list of the stuff and then they would reimburse us. She also mentioned that there is a depreciation value on some of it.

How does my knifes that were stolen depreciate?

I hope whoever broke in cuts there little pee pee off with my knife. I am still pissed about this one.
Are those rare collectable knives? <hint hint>

Good luck dealing with the insurance people.

[birddog]

It would be hard to now what all was missing. I would say to price your stuff high so that if the insurance company tries to haggle with you at least you will still do okay. Sorry to hear about the break-in.

[funkymonkey1111]

do you have photos of the stuff stolen? I got into the habit of photographing virtually anything of value i buy and keep the photos in a memory stick off site (and another on site, too)

[02ducky]

No photos I am updating those this weekend for just in case later.

This is such a nightmare for me and my family. Being violated is one things and now I have to deal with this and trying to prove what I have and what its worth is another thing.

[ChadAmberg]

That's the primary reason I wrote Shot Works Pro was to track firearm data securely. Now I'm considering taking what I have in it and making a general purpose home inventory software for your TV, computers, etc. I think something I should do today is go around and at least take pictures of things.

[wctriumph]

Insist on replacement value, don't just accept what they say. If they give you a hard time, stay firm and be prepared by being able to show what replacement value is whether by websites or local adverts for the same items.

We did this on a car that was wrecked in a accident; we refused to accept their "blue book" evaluation. We found the same vehicle for sale used and they bought it for us.

[Irving]

It would be hard to now what all was missing. I would say to price your stuff high so that if the insurance company tries to haggle with you at least you will still do okay. Sorry to hear about the break-in.

Doesn't work that way. The adjuster will individually price each item, so a made up price isn't going to matter one way or the other.


Insist on replacement value, don't just accept what they say. If they give you a hard time, stay firm and be prepared by being able to show what replacement value is whether by websites or local adverts for the same items.

We did this on a car that was wrecked in a accident; we refused to accept their "blue book" evaluation. We found the same vehicle for sale used and they bought it for us.

Your policy will specifically state if replacement value is used or not. You are correct about being able to prove what replacement value should be. Be warned that just because someone is selling something similar for a certain price, doesn't mean that people are buying at that price.

[J]

What Irving Said. The policy setup is either replacement value (what it costs you to get a new replacement) or FMV (fair market value, what you could sell the item for in return for cash, OR what you could expect to buy a used one for). It is important to know and decide which one is best for you.

Additionally, after you take those pictures, make sure to keep a copy somewhere else, in the cloud, safety deposit box, etc. I've seen situations where the computer was lost or stolen that had the pics. So the labor was fruitless.