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Valuing your damaged property

December 26, 2005 by Jonathan Stein

Someone on a google group has suffered a house fire. She had many items damaged and/or destroyed. Among the items damaged were many yards of fabric. She is now upset because she spent $50 or more per yard of fabric and the adjuster wants to give her $6 per yard because that is what Joannes sells it for.

This is a pretty typical situation. After all, if you are a quilter, like my wife, you know the difference between cheap fabric and nice fabric. If you are an insurance adjuster, like I was, you do not know the difference, unless you have some reason to. For example, I can look at two soccer jerseys and tell which one is a replica and which one is a rip off. But, that is only because I try to collect jerseys.

So, what do you do if you are in her situation? First, see if you have any receipts. If you can prove the price you paid, they have to give it to you. If you do not have a receipt, go to the store you bought it from. My friend who owns a pet store can pull up all of his old receipts. Most stores can do this, so check with them. Second, if you do not have any receipts, bring in the item to a specialty store. See if they can give you a written quote on replacement. In this case, do not go to Joannes, which is a fine store, but go to a specialty quilting store. Third, if you still disagree with the adjuster, ask him for his opinion on price and his reasons why – and ask for it in writing. This may set up a bad faith claim later. Fourth, seek the assistance of a qualified attorney and consider requesting appraisal under the policy.

Do not let the adjuster dictate how much your claim is worth. You know what you own, and he does not. Be sure you are getting a fair price for your property.

Categories: Claims, Homeowners Insurance

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