Is Stolen Property depriciated?

Question

I recently had a backpack stolen, and in it was my laptop, headphones, camera, and other valuables. Once I tell the insurance agent the value of the replacements, do they adjust those numbers and give me a lower sum?

Answer 1

Does your policy say it'sdepreciated?  

The way it works, you list out the items, and provide proof of ownership - usually credit card receipts for them, which show when they were purchased.  The "allowable" items (as there are limitations on things like cash and jewelry) are then depreciated for age.  If you have a 10 year old laptop, well, we both know how little that's worth.

The policy initially pays deprecated value, less your deductible.

If you then have replacement cost on contents, on your policy, you go out and replace with like kind & quality.  After you've replaced them, you turn in the receipts & upc's to the adjuster, and then the adjuster pays the difference between the depreciated value, and the replacement cost.

Even if you have replacement cost, you don't GET replacement cost, unless you replace.  Your agent should be explaining this to you.

Answer 2

Depends on what type of policy you have.

Answer 3

Depends on what kind of coverage you purchased. Replacement Value policies are not depreciated. Read your policy...Sorry for your loss.

Answer 4

Depends on if you had full replacement value or not....minus any deductible...