January 5, 2012 at 9:55 am
Ninja's_RGR'us (1/5/2012)
Steve Jones - SSC Editor (1/5/2012)
In terms of depreciation, it sucks, but it's real. The value of your stuff is lower over time, and if you had to replace it, you'd get something better for full value. It stinks with insurance, but they aren't replacing the functionality, they're replacing the value.
I agree with anything electronic or with moving parts but what I'm POed about is stuff like high quality wood bedroom set. That alone was worth 6K+ 2 years ago. It is as close quality wise as my parents' set which has now lasted over 40 years with no sign of fatigue.
Don't come in and try telling me it's lost 30-40% value overnight.
By their current estimate this thing will be good for the dumpster by year 5 (assuming linear deterioration). It's not like I'm hosting cirque du Soleil shows in there every night.
Check your policy. My homeowners and renters insurance policies cover replacement cost, not value of what may be lost. Yes, I have both, ex has the house and I rent an apartment.
January 5, 2012 at 9:55 am
Ninja's_RGR'us (1/5/2012)
Steve Jones - SSC Editor (1/5/2012)
In terms of depreciation, it sucks, but it's real. The value of your stuff is lower over time, and if you had to replace it, you'd get something better for full value. It stinks with insurance, but they aren't replacing the functionality, they're replacing the value.
I agree with anything electronic or with moving parts but what I'm POed about is stuff like high quality wood bedroom set. That alone was worth 6K+ 2 years ago. It is as close quality wise as my parents' set which has now lasted over 40 years with no sign of fatigue.
Don't come in and try telling me it's lost 30-40% value overnight.
By their current estimate this thing will be good for the dumpster by year 5 (assuming linear deterioration). It's not like I'm hosting cirque du Soleil shows in there every night.
Things with unique or increasing value should be insured separately. Antiques or collectors items, for example, do not depreciate at all, they appreciate over time. But your insurance company won't recognize that in a blanket policy. At least, they won't in the US. Have to get them appraised and insured separately.
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January 5, 2012 at 9:59 am
GSquared (1/5/2012)
Ninja's_RGR'us (1/5/2012)
Steve Jones - SSC Editor (1/5/2012)
In terms of depreciation, it sucks, but it's real. The value of your stuff is lower over time, and if you had to replace it, you'd get something better for full value. It stinks with insurance, but they aren't replacing the functionality, they're replacing the value.
I agree with anything electronic or with moving parts but what I'm POed about is stuff like high quality wood bedroom set. That alone was worth 6K+ 2 years ago. It is as close quality wise as my parents' set which has now lasted over 40 years with no sign of fatigue.
Don't come in and try telling me it's lost 30-40% value overnight.
By their current estimate this thing will be good for the dumpster by year 5 (assuming linear deterioration). It's not like I'm hosting cirque du Soleil shows in there every night.
Things with unique or increasing value should be insured separately. Antiques or collectors items, for example, do not depreciate at all, they appreciate over time. But your insurance company won't recognize that in a blanket policy. At least, they won't in the US. Have to get them appraised and insured separately.
Good point, not that I would account my bed set as antique or collector's item. Just something that has more than 5-10 years lifespan AND linear depreciation like Steve said.
January 5, 2012 at 10:03 am
Lynn Pettis (1/5/2012)
Ninja's_RGR'us (1/5/2012)
Steve Jones - SSC Editor (1/5/2012)
In terms of depreciation, it sucks, but it's real. The value of your stuff is lower over time, and if you had to replace it, you'd get something better for full value. It stinks with insurance, but they aren't replacing the functionality, they're replacing the value.
I agree with anything electronic or with moving parts but what I'm POed about is stuff like high quality wood bedroom set. That alone was worth 6K+ 2 years ago. It is as close quality wise as my parents' set which has now lasted over 40 years with no sign of fatigue.
Don't come in and try telling me it's lost 30-40% value overnight.
By their current estimate this thing will be good for the dumpster by year 5 (assuming linear deterioration). It's not like I'm hosting cirque du Soleil shows in there every night.
Check your policy. My homeowners and renters insurance policies cover replacement cost, not value of what may be lost. Yes, I have both, ex has the house and I rent an apartment.
From what I understand and need to confirm as that I have "valeur à neuf", which I think might translate to replacement in your terms.
In my head it means : "this stuff is defect/lost", you get me a brand new one of equivalent or better quality. That's what I had for my car and how the deal got done in the end.
January 5, 2012 at 10:17 am
GSquared (1/5/2012)
Ninja's_RGR'us (1/5/2012)
Steve Jones - SSC Editor (1/5/2012)
In terms of depreciation, it sucks, but it's real. The value of your stuff is lower over time, and if you had to replace it, you'd get something better for full value. It stinks with insurance, but they aren't replacing the functionality, they're replacing the value.
I agree with anything electronic or with moving parts but what I'm POed about is stuff like high quality wood bedroom set. That alone was worth 6K+ 2 years ago. It is as close quality wise as my parents' set which has now lasted over 40 years with no sign of fatigue.
Don't come in and try telling me it's lost 30-40% value overnight.
By their current estimate this thing will be good for the dumpster by year 5 (assuming linear deterioration). It's not like I'm hosting cirque du Soleil shows in there every night.
Things with unique or increasing value should be insured separately. Antiques or collectors items, for example, do not depreciate at all, they appreciate over time. But your insurance company won't recognize that in a blanket policy. At least, they won't in the US. Have to get them appraised and insured separately.
This is why my collections aren't insured. The cost and time to catalog and appraise everything every year just isn't worth it. Insurance of all types is at its base a scam with the insurance companies finding every way they can to avoid living up to their end of the contract.
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January 5, 2012 at 10:22 am
Koen Verbeeck (1/4/2012)
Allright, I missed a few weeks of the thread because my wife gave birth to a wonderful son. (and thus killing my regular sleeping pattern)Did I miss anything important?
(no, pants jokes are not important)
Congrats, Koen!! I hope all four of you got used to the new situation.... (At least some sort of...).
But I have to disagree the sleepless nights will be over soon... There's a good chance for an interruption of a couple of years though 😀
January 5, 2012 at 10:27 am
Stefan Krzywicki (1/5/2012)
This is why my collections aren't insured. The cost and time to catalog and appraise everything every year just isn't worth it. Insurance of all types is at its base a scam with the insurance companies finding every way they can to avoid living up to their end of the contract.
That's the understatement of the millenia.
Other fun facts.
When I called to get insured against water damage they wouldn't go above 15 000$ even if I had way more stuff than that in the house.
Then I learned that 15K is for the total of all their expanses for the claim, not just the losses.
IE they called steamatic to clean & move the stuff out of the house during the repairs & after the repairs, then they hire a firm to un-praise all the stuff to replace. That comes out of the 15K as well.
Hotel would have been the same.
Then of course vampiring every darn penny they can out of the settlement... after get this : make me do all the leg work & reporting that they had hired the appraiser to do, with my own money!
Now they won't provide any justifications for any of the figures and I <would> have to re-re-do all that work on my end to start negociating. As Steve said, just not worth the trouble for a few 100$ extra.
January 5, 2012 at 10:30 am
It's almost like they want to punish you for daring asking for money and making sure you NEVER ever want to go through that process ever gain.
I mean there's like 10-20 real big items on the list with a little gravy on the side. Go in 1 store, take 2 hours and you got a pretty darn good ballpark figure.
Flooding was almost 5 months ago and I just got the 1st pre-offer after having had to call my adjuster's boss 5 times to get the process started.
January 5, 2012 at 10:32 am
Insurance sucks, in general
January 5, 2012 at 10:39 am
Ninja's_RGR'us (1/5/2012)
Stefan Krzywicki (1/5/2012)
This is why my collections aren't insured. The cost and time to catalog and appraise everything every year just isn't worth it. Insurance of all types is at its base a scam with the insurance companies finding every way they can to avoid living up to their end of the contract.
That's the understatement of the millenia.
Other fun facts.
When I called to get insured against water damage they wouldn't go above 15 000$ even if I had way more stuff than that in the house.
Then I learned that 15K is for the total of all their expanses for the claim, not just the losses.
IE they called steamatic to clean & move the stuff out of the house during the repairs & after the repairs, then they hire a firm to un-praise all the stuff to replace. That comes out of the 15K as well.
Hotel would have been the same.
Then of course vampiring every darn penny they can out of the settlement... after get this : make me do all the leg work & reporting that they had hired the appraiser to do, with my own money!
Now they won't provide any justifications for any of the figures and I <would> have to re-re-do all that work on my end to start negociating. As Steve said, just not worth the trouble for a few 100$ extra.
Time to insure my policy is replacement cost, not value.
Jack Corbett
Consultant - Straight Path Solutions
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January 5, 2012 at 10:44 am
Steve Jones - SSC Editor (1/5/2012)
Insurance sucks, in general
+1 to this. You pay out a bunch of money and then as soon as you need it you have to fight to get what you paid for. I must say I have had some good experiences with car and home owners insurance a couple of times, but health insurance in the US is always a battle. I figured it out last summer that what I paid in premiums through my last employer for the 4 years I was there was more than my total health costs. That included an overnight in the hospital and several expensive tests. But then again anymore time in the hospital probably would have made that change.
Jack Corbett
Consultant - Straight Path Solutions
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January 5, 2012 at 10:47 am
Ninja's_RGR'us (1/5/2012)
It's almost like they want to punish you for daring asking for money and making sure you NEVER ever want to go through that process ever gain.
At least they didn't try telling you it was all your fault that you lost stuff, like my ex-insurers did after the second break-in.
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January 5, 2012 at 10:55 am
Jack Corbett (1/5/2012)
Steve Jones - SSC Editor (1/5/2012)
Insurance sucks, in general+1 to this. You pay out a bunch of money and then as soon as you need it you have to fight to get what you paid for. I must say I have had some good experiences with car and home owners insurance a couple of times, but health insurance in the US is always a battle. I figured it out last summer that what I paid in premiums through my last employer for the 4 years I was there was more than my total health costs. That included an overnight in the hospital and several expensive tests. But then again anymore time in the hospital probably would have made that change.
Still, never worth going without health insurance. Go big there.
I processed claims for one day before I decided never to go without again.
A large part of the healthcare issues are because everything is so disorganized. Doctors don't talk to patients, bill things incorrectly something close to 20% of the time (out of mistakes, not fraud), insurance companies don't talk to patients, people get too many separate bills with no explanation, people don't understand their coverage in the first place, etc. It's a hot mess.
And then there are always some people out there trying to screw you, so that doesn't help.
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January 5, 2012 at 11:05 am
jcrawf02 (1/5/2012)
Still, never worth going without health insurance. Go big there.I processed claims for one day before I decided never to go without again.
I have it mainly because I am getting old enough to need it and I have kids so they need it because kids tend to get injuries doing stupid things.
A large part of the healthcare issues are because everything is so disorganized. Doctors don't talk to patients, bill things incorrectly something close to 20% of the time (out of mistakes, not fraud), insurance companies don't talk to patients, people get too many separate bills with no explanation, people don't understand their coverage in the first place, etc. It's a hot mess.
Yes. I can't believe how crazy the billing systems are. You can't figure out what you owe whom for what service without spending hours, it seems, reading your bills and talking to providers and insurers. THen you get the fact that all the insurers have negotiated discounts with the providers and you have to be an accountant to figure out the bill because of discounts and disallowed charges. I had one bill recently go from $200+ to <$50 for lab work because of negotiated discounts. How does that work?
And then there are always some people out there trying to screw you, so that doesn't help.
I haven't had anyone intentionally try to screw me yet. Usually I've gotten it worked out without much hassle when I've had a problem. The issue is that the problem shouldn't have happened in the first place.
Jack Corbett
Consultant - Straight Path Solutions
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January 5, 2012 at 11:06 am
GilaMonster (1/5/2012)
Ninja's_RGR'us (1/5/2012)
It's almost like they want to punish you for daring asking for money and making sure you NEVER ever want to go through that process ever gain.At least they didn't try telling you it was all your fault that you lost stuff, like my ex-insurers did after the second break-in.
How the hell can it be your fault?
You live somewhere and people come in to take your stuff. It's not like you live in a golden palace with a break in board in flashing lights!
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