Home insurance claim

arnhemrd

My son has just had his shed burgled and all his fishing tackle stolen. He got in touch with the insurance company who said that his claim would be limited to 2k, they in turn put him in touch with another company who told him to select some replacement tackle from one of their websites. On looking at this website it seems that it is inferior tackle with over inflated costings. Being a keen fisherman he can get the tackle that he really wants at a discounted price from his local tackle shop. Has anyone come across this problem before and is there a way around this situation. thanks John

InsideInsurance

Yes, you need to go back to the agent and say that the website doesnt offer a suitable/ like for like replacement. If they do not have any other options then it should go back to the insurers.

Insurers can settle by cash, if they do so simply because the insured wants this then they are entitled to deduct their normal discounts from the settlement (typically 20-30%). However if their preferred supplier simply cannot fulfill a suitable replacement then no deduction is allowed (other than the excess of cause).

rs65

InsideInsurance wrote: »

Insurers can settle by cash, if they do so simply because the insured wants this then they are entitled to deduct their normal discounts from the settlement (typically 20-30%). However if their preferred supplier simply cannot fulfill a suitable replacement then no deduction is allowed (other than the excess of cause).

I would be interested to see the wording, as this is an inner limit. Mine says something like - we will pay up to the amount stated in the schedule.

Op, I can sympathise with your son. I routinely get 20% off in a local tackle shop. See if his local shop will give him a written estimate for items stolen. Best to show list price and then a discount % at the end. How much worth was stolen?

FlameCloud

InsideInsurance wrote: »

Yes, you need to go back to the agent and say that the website doesnt offer a suitable/ like for like replacement. If they do not have any other options then it should go back to the insurers.

Insurers can settle by cash, if they do so simply because the insured wants this then they are entitled to deduct their normal discounts from the settlement (typically 20-30%). However if their preferred supplier simply cannot fulfill a suitable replacement then no deduction is allowed (other than the excess of cause).

There will be an internal limit for theft from an outbuilding, so they can reduce the claim.

InsideInsurance

FlameCloud wrote: »

There will be an internal limit for theft from an outbuilding, so they can reduce the claim.

Absolutely, but you can still reject the approved supplier if they cannot supply an appropriate replacement and not have to take a further hit for getting a cash settlement