[chicita021]

I had a break in and purchased replacement insurance but my insurance company said that I have depreciation value. I never changed my policy and I don't know what to do.

Any suggestions?

[Dee L]

Many HO3 policies are sold with a replacement cost endorsement.

However, that does not mean you automatically get replacement cost for the loss.

With most policies any contents loss over $500 is paid at actual cash value (deprecation). You have 180 days from the date of loss to replace the items. When you submit the receipts showing you replaced the items, then the adjuster will pay you the amount of deprecation they with held. You will often hear an adjuster refer to this as taking a "hold back".

Check with your agent and see if this is what is going on with your claim. From the very little information you posted, I suspect it is.

[becbec]

No, they can't change the terms.

But you need to check, did you purchase replacement on the HOUSE, or the CONTENTS, or both?

Also, there might be some communication - even if you bought replacement, they pay depreciated value UNTIL YOU REPLACE THE ITEM. After it's replaced, then you get the difference.

You probably need to ask your agent to show you where it says "replacement" and see if it's contents, or building - and then go back and compare all your OLD policy pages, from when you first bought the coverage.

[delta]

home insurance.awardspace.us - try this one. Got my home insurance from them. As I know they provide such a service.

[StephenWeinstein]

You probably need to ask your agent to know more information.
One thing you need to verify is if you purchase both replacements on contents and house
or just any of the two.

Well you better check this site to know more about
what I'm talking about

It will give you a great help on this issue as i had mine resolve Thur them.

Hope this one helps!
Goodluck.