November 14, 2006
Last Friday I received a voice mail from the insurance adjuster assigned to my claim telling me that my claim had been completed and that I should be getting a check in the mail within seven to ten business days. Knowing that I had a $500 deductible on the policy I was surprised, as I felt the depreciated value of the items stolen would be less than the deductible.
Color me pleasantly surprised.
The formula used on the "personal property worksheet" I received from my insurance company started with a full replacement cost figure and then calculated a depreciation amount. I had though they would start with the original purchase price and depreciate that value. Starting with the current replacement cost greatly increased the total amount of my loss, and even after the deductible was subtracted from the total I will regain about $645 of my lost property.
I now have a year to replace the items taken and track the receipts. By submitting the receipts to my insurance company in a subsequent claim I can recover some (or all) of the depreciation applied, about another $266.
Not a bad deal at all.