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value of sofa,s
starfish10
Posts: 185 Forumite
How do insurance companies decide on the value of sofa,s and electrical items, mine have been written off but I havn,t heard anything sofar. Have had the carpet man round ages ago. Do they have set values on items?
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Comments
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It depends if you have a new for old insurance.......if you have then you will get the present day replacement value. If however you have an indemnity policy then they will make deductions from those values. What they will ask is what is the normal life of a television (lets say 6 years) if it is 3 years old then it has had half it's life and as such they will deduct half the present day value. Once they have made an offer it is worth discussing it e.g. (the suite was in excellent condition as we only use that room on special occassions therefore the life would be longer than normal).I have retired from a career in Financial Services........Thank God. Any advice given may be as a result of senile dementia so dont take it too seriously.......
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I have new for old policy, so what will happen?0
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They will replace the items with ones of similar quality or they can, at their discretion offer a cash settlement.I have retired from a career in Financial Services........Thank God. Any advice given may be as a result of senile dementia so dont take it too seriously.......0
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Do they normally send someone else to look at the items to judge value or do they have set values for items.0
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