Posted on: 04-11-09 21:04:09
Quote:
Originally posted by sanjeevm
Quote:
Originally posted by sant
Quote:
Originally posted by Newlyborn
I am really sorry to hear your lose . Did you filed any claim ?? Did you called Insurance co. and informed this incident ? I dont think that they will show up since you filed a complaint to police . Please call them and see what they have to say .Good luck
Thank You for replying .
I did call Insurance company and recently Filed the Claim as well .
How much time it takes for the Claim to be processed , its been more than a Month since I filed the Claim .
Also Do Police even care about thefts ?
I Mean I havent heard back from them anything.
Thanks
Hi Sant,
I am sorry to hear about your loss.
As far I know, it may take few weeks to settle the claim with insurance company but it would also depend how you are following up with them. Generally the claims department is the busiest department in any insurance company. If you have your adjuster's direct no. or e-mail, follow up. Keep bugging them. Have they asked for all the details of the stolen things? Their receipts or any prooof of purchase?
Were your stolen things 'scheduled' or did you have just the basic coverage?
About the Police: I was in a party few months ago and incidently a 'Policewala' was also there. We were discussing the theft issue with him, esp. in Peel region and guess what, his reply was: Thefts come at the lowest priority for us. Residents are also supposed to make necessary arrangements for their safety and security like install alarm system or camera or get the proper insurance coverage at least. There are many other issues to take care of.
(I think he meant that there are much better things to do for Police like nabbing big criminals/murderers/drug dealers etc.etc.)
In a way he was right also because if you have insurance coverage and you have a police report of break in, your insurance company should 'indemnify' you (not compensate but indemnify) and take care of you.
Just a tip: If your insurance company is giving you trouble in settling the claim, contact their Ombudsman and file a complaint.
Good luck!
I am following with them .
Insurance guys asked me to give details ( they sent some doc's ) and proof of purchase as well .
I gave the details of everything ( also to the police I gave all the details ) .
I dont't have proof of purchase of everything, for some things I do have proof .
Now what is difference between scheduled and basic coverage ?
and compensation and indemnity in this case ?
and also Thank You for the TIP .
I am following with them .
Insurance guys asked me to give details ( they sent some doc's ) and proof of purchase as well .
I gave the details of everything ( also to the police I gave all the details ) .
I dont't have proof of purchase of everything, for some things I do have proof .
Now what is difference between scheduled and basic coverage ?
and compensation and indemnity in this case ?
and also Thank You for the TIP .
Hi Sant,
The basic coverage limits the amount of claim of your belongings in case of loss. For example: if you had gold jewellery worth $10000 kept in your home and you did not tell the insurance company about it AND all the jewellery is stolen, you can not claim for $10000. You are entitled only upto the basic coverage amount whatever your policy covers like $3000 or so. Same goes for cash or any other valuable items. 'Scheduling' your jewellery or any other valuable item means that item is covered upto the full value. You have to pay little bit extra premium but you have full peace of mind. ALSO KEEP IN MIND THAT ANYTHING WHICH YOU 'SCHEDULE' IS COVERED FOR THE MYSTERIOUS DISAPPEARANCE AS WELL whereas the basic policy covers only burglary i.e. forced entry/break-in and not the 'theft'. In your case, you have mentioned it was break-in, so you should be OK. For more details, read your policy documents.
I think there is a thin line of distinction between compensation and indemnification. 'Insurance' works on the principle of indemnification meaning they will put you in the same financial state in which you were before the loss. For example, you had a stereo system which was bought in 2005 for $1000 but in today's market its value might be $200 and it is stolen, so they will not give you $1000, they will give $200 so that you can buy a 2005 model stereo because that's what you lost. Right? Does that make sense?
Hope this helps. Any insurance professional/s are requested to correct or add to the above explanation.
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Sanjeev Manocha, MBA
Real Estate Sales Representative
Accredited Buyer Representative (ABR)
Re/Max West Realty Inc, Brokerage
96, Rexdale Blvd., Toronto
Mobile: 416-843-7600
Office: 416-745-2300
http://www.manocharealty.com" rel="nofollow">LINK
Quote:
Originally posted by sanjeevm
Hi Sant,
The basic coverage limits the amount of claim of your belongings in case of loss. For example: if you had gold jewellery worth $10000 kept in your home and you did not tell the insurance company about it AND all the jewellery is stolen, you can not claim for $10000. You are entitled only upto the basic coverage amount whatever your policy covers like $3000 or so. Same goes for cash or any other valuable items. 'Scheduling' your jewellery or any other valuable item means that item is covered upto the full value. You have to pay little bit extra premium but you have full peace of mind. ALSO KEEP IN MIND THAT ANYTHING WHICH YOU 'SCHEDULE' IS COVERED FOR THE MYSTERIOUS DISAPPEARANCE AS WELL whereas the basic policy covers only burglary i.e. forced entry/break-in and not the 'theft'. In your case, you have mentioned it was break-in, so you should be OK. For more details, read your policy documents.
I think there is a thin line of distinction between compensation and indemnification. 'Insurance' works on the principle of indemnification meaning they will put you in the same financial state in which you were before the loss. For example, you had a stereo system which was bought in 2005 for $1000 but in today's market its value might be $200 and it is stolen, so they will not give you $1000, they will give $200 so that you can buy a 2005 model stereo because that's what you lost. Right? Does that make sense?
Hope this helps. Any insurance professional/s are requested to correct or add to the above explanation.
Thank You very much Sanjeev for clarifying .
Regards
Sant
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Chandresh
Advice is free – lessons I charge for!!
Now he is saying it needs to be notarised .
is it normal ?
