Personal Property Large Loss Claim.
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UPDATED: Dec 3, 2013
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Insurance Question from Oxnard, CA
Asked on 12/03/2013
Personal Property Large Loss Claim. Entire content of home contaminated with Asbestos, All items inventoried and then destroyed. Inventory company provided vauge discriptions for Items on Inv sheets and photoed only a few items, most of which were piled on floor. Insurance company hired an appraiser after the fact to assess items, Using only the info above. No fields for year bought or condition on inv sheets. How can appraiser justify assessment. And will the previous three appraising company assessments done be made available (is it madatory) to give us copies of said? REF Insurance code : Section 2051(b)(2) & Ins. Code sec. 2071)
Answer given on March 02, 2014
If you suffered a loss that involved asbestos, and the claim is covered by your insurance company, then the property would need to be disposed of in the manner required by law. This includes bagging the property and your name would be assigned to the property. The location of the property should be known by someone – either the original adjuster or the new adjuster as well as the insurance company.The year of purchase of the property should not be an issue since most insurance policies include replacement cost coverage. This would mean the insurance company will pay for the cost of new property of the same, or similar nature and materials. As long as the adjuster has a list of the actual property then they may be able to determine the replacement cost.Often times the insurance company will pay you a depreciated value of the property until you actually replace it. You are then expected to provide a receipt for the new property and the adjuster will pay the difference between what was originally paid and the new property.Copies of the assessed items should be available to you if needed, but that should not be an issue to you unless you feel items were left off the list.
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