House Insurance offer. Procedure?

Revolver Ireland

Hi Guys,
Victim of a Burglary about 4 months ago, Insurance company has finally made an offer on my claim. My claim was for just over 30k, Insurance offering me 20k. I'm not happy with the offer, and desire to make a counter offer. Is this the done thing? Does 'haggling' happen in the insurance game like this? I'm just wondering what to expect. Will it be a case of, 'Take it, or see ye in court', or do they usually try lowball in the hope to get away with paying full amount?

I see some of their knock downs as reasonable, but others not so much. I'm now looking to get about 25k. Really just wondering if I should expect a brick wall, or is this how it works. First time ever having to make use of Insurance so just looking for insight.

oldyouth

It's up to you to prove the value of your claim and where their assessment is incorrect. The best way to do this is to engage a public loss adjuster, but they usually charge 10% of any settlement

Are the deductions just on value or are they disallowing certain items? Can you give examples?

kkelliher

oldyouth wrote: »

The best way to do this is to engage a public loss adjuster, but they usually charge 10% of any settlement?

I dont know why you believe it is the best way but it is an option. For clarity its a loss assessor not adjuster. A loss adjuster works for insurance company loss assessor works for policy holder.

Insurane claims are all about negotiation an everything is up for agreement. On contents you really need to be able to support your claim with photos, receipts etc to be in a strong position.

Buildings damag is merly about agreeing value on an agreed scope

Revolver Ireland

Cheers. Proof of ownership is not the issue, its the value they've put on some of the stuff.

Example. A mic worth 385 (I still have its box and manual), they are giving 170. No idea where they pulled the figure from

Also, I, by amazing luck managed to get a mic worth €2500 on ebay for €1100. I got it for that price because the guy listed it poorly. Second hand, I will never again find one for such a price. €1500 IF IM LUCKY, but a rough second hand price would be €1800. The only evidence I have of ownership was the Ebay/paypal transaction, so they are just giving me the €1100. Is this how it works? Can it be contested that I could not replace it for that, and that it took 4 years of looking to get one for the price I did? Or does replacement value not come into it?

kkelliher

Revolver Ireland wrote: »

Cheers. Proof of ownership is not the issue, its the value they've put on some of the stuff.

Example. A mic worth 385 (I still have its box and manual), they are giving 170. No idea where they pulled the figure from

Also, I, by amazing luck managed to get a mic worth €2500 on ebay for €1100. I got it for that price because the guy listed it poorly. Second hand, I will never again find one for such a price. €1500 IF IM LUCKY, but a rough second hand price would be €1800. The only evidence I have of ownership was the Ebay/paypal transaction, so they are just giving me the €1100. Is this how it works? Can it be contested that I could not replace it for that, and that it took 4 years of looking to get one for the price I did? Or does replacement value not come into it?

If you have the box and ebay receipts they should be accepted and you should get a replacement cost, you could ask them to simply replace like with like

Revolver Ireland

kkelliher wrote: »

If you have the box and ebay receipts they should be accepted and you should get a replacement cost, you could ask them to simply replace like with like

As in, I could tell them to actually get me the mic themselves? I see that as fine, because they certainly wont get one for €1100.

oldyouth

kkelliher wrote: »

I dont know why you believe it is the best way but it is an option. For clarity its a loss assessor not adjuster. A loss adjuster works for insurance company loss assessor works for policy holder.

Insurane claims are all about negotiation an everything is up for agreement. On contents you really need to be able to support your claim with photos, receipts etc to be in a strong position.

Buildings damag is merly about agreeing value on an agreed scope

Adjuster/Assessor. My apologies for offending you with my terminology. The reason I think it is a good idea is because Loss Assessors are better negotiators than laymen. In this case, the OP has given examples of where the insurer is attempting to cut the loss on musical equipment. It may not be just about establishing value, it could also be about single article limits on contents or insurers attempting to claim that expensive mics are business equipment if the OP is involved in the music industry.

Basically, if you know what you're doing, it is something easily handled yourself. If you need assistance (indicated by asking on Boards) then perhaps a professional is the best way forward

kkelliher

oldyouth wrote: »

Adjuster/Assessor. My apologies for offending you with my terminology.

No offence taken i was just clarifying the issue as it is something people dont understand and can cause issues when they think an adjuster is there to repesent them when they are not