Desperate burglary victim finds broken window and empty money box after robbery
It is very important to document the damages done to the home as well as the losses caused by the burglaries. Homeowners should make a list of all their belongings which were stolen and gather receipts for them. Any photographs of the stolen items will also be helpful for the claim.
Make emergency repairs
Before receiving the money from the insurance company, it is important for homeowners to make any necessary emergency repairs, such as replacing broken glass, locks or doors. Homeowners should also save all of the receipts from the repairs and submit them to their insurance company for reimbursement.
What to expect from the insurance company
The recovery amount will be dictated by the insurance policy. For damaged property, most insurance policies will pay for the repairs or replacement of the property. Insurance companies often treat personal property that was stolen differently. Insurance companies will pay for the replacement cost value, which is the actual cash value minus depreciation.
Replacement cost value is what would be recouped if the items were sold today.
The offer amount will also be dictated by the policy limits. It is unlikely that damage to the home itself will reach the policy limits, however, with the personal property it might be different and the homeowner might reach the policy limit. There may also be lower limits for certain types of property. In many cases, coverage for jewelry losses are capped at $5,000 or less. This means that you cannot recover more than $5,000.00 for stolen jewelry.
In some cases, insurance providers drag their feet on paying out claims, or they make offers that are far less than what the homeowners should receive. A person whose home has been burglarized may want to schedule a free consultation with Grun & Associates with processing of the claim in order for the homeowner to recover what is owed on their policy.