Do I need to replace stolen items in my claim with exact, comparable, or similar items to receive recoverable depreciation value?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jan 12, 2017

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Insurance Question from Belmont Shore, CA

Asked on 01/12/2017

Do I need to replace stolen items in my claim with exact, comparable, or similar items to receive recoverable depreciation value? In repayment of my stolen items for my renter's insurance, I have received payment for the ACV of the items I listed. There is however a hold-back of recoverable depreciation on each item I am entitled to as I replace the items. To receive the depreciated value of each item, do I need to spend at least the amount listed as the depreciated value of each item? Example: on of my items is listed with a replacement cost of 119.89, depreciated at 36.67% to get a value of 43.96. I was given the ACV remainder of 75.93 in cash. To get the depreciated value, do I need to spend 119 on a replacement item?

Answer given on January 17, 2017

If your insurance policy requires you to replace lost or stolen items before it will pay the full replacement cost you need to replace with similar or comparable if not exact. If you replace with similar and the cost is less than the exact item, you will only be reimbursed the difference between what you had already received and the replacement cost. If the replacement item is less than what you have already received, the insurance company will probably just let it go. You can just not provide the cost of the replacement item. If you want to buy a lower cost item, but it exceeds the amount you have already been paid you will get the difference.You should review your insurance policy to see what it says. If you are not certain, call your agent or the insurance adjuster and ask. They should be willing to explain how the policy works.

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