Replacement Value - Insurance Issue

[Eggman]

Hi everyone. I recently lost my house and everything in a fire. Insurance has either ACV (depreciated cash value) option if you just want cash or a Replacement Value amount if you want to actually buy it back. For my DJ, I'm going with the Replacement Value because I want my 2 Rolexes back. With a fire, there is no jewelry cap like in theft.

In your experience, will they price them at the current new retail value? Or the market value? I have late 90s models.

Thanks
Eggman

[Nikrnic]

Originally Posted by Eggman

Hi everyone. I recently lost my house and everything in a fire. Insurance has either ACV (depreciated cash value) option if you just want cash or a Replacement Value amount if you want to actually buy it back. For my DJ, I'm going with the Replacement Value because I want my 2 Rolexes back. With a fire, there is no jewelry cap like in theft.

In your experience, will they price them at the current new retail value? Or the market value? I have late 90s models.

Thanks
Eggman

Not 100% sure but my appraisels say replacement value

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[Eggman]

Originally Posted by Nikrnic

Not 100% sure but my appraisels say replacement value

Yes, but the question is based on what? New - or market value of that year's model on the secondary marketl?

[Nikrnic]

Originally Posted by Eggman

Yes, but the question is based on what? New - or market value of that year's model on the secondary marketl?

On mine the replacement value shows the current retail price of new even on one I bought used

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[Tools]

Originally Posted by Eggman

Yes, but the question is based on what? New - or market value of that year's model on the secondary marketl?

Replacement value for insurance is never what it was; it is what the cost today is, otherwise it is Appraised Value.

[Eggman]

Thanks for the feedback.

[Giangos]

Sorry about your house .....


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[keschete]

Very sorry for your loss. All my watches and jewelry are insured for replacement value.

[tyler1980]

sorry about your loss. It depends on how they were insured. You can't pick the value after the fact as far as i know. New replacement value costs more to insure than used (depreciated) replacement value. So, whatever your premiums were based on when your policy was active determines what you will be paid.