Subject:
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Re: Insurance
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Newsgroups:
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lugnet.general
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Date:
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Tue, 5 Oct 1999 17:02:03 GMT
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Viewed:
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581 times
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In lugnet.general, Christopher Tracey writes:
> I asked my agent about it and he said it would be covered under my renter's
> insurance policy. I didn't have to list items individually but they suggested
> that I videotape or photograph everything of value. Do most policys use
> replacement value or original cost as to what they will cover?
Replacement value. A policy based on original cost will have inaccurate data
fast, and will grow more inaccurate over time. This would make it very
difficult for the insurance company to accurately estimate its liability, and
would mean they have to do all the running around to get current values.
Replacement value, on the other hand, puts the onus for providing accurate
information on the insuree, and cuts the insurers overhead way down, since
they only have to verify accuracy in claims that actually come up, instead of
in all cases.
James
http://www.shades-of-night.com/lego/
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Message is in Reply To:
 | | Re: Insurance
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| I asked my agent about it and he said it would be covered under my renter's insurance policy. I didn't have to list items individually but they suggested that I videotape or photograph everything of value. Do most policys use replacement value or (...) (25 years ago, 5-Oct-99, to lugnet.general)
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