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  1. #1
    Join Date
    May 2013
    Posts
    3

    Default Renter's Insurance Providing Low Compensation for Vehicle Break-In

    My question involves insurance law for the state of: Hawaii but insurance company is in Florida.
    So I purchased an HO-4 policy (tenants policy) about 3 years ago. I pay automatically monthly from my bank account. My son's car was broken into and they stole his backpack containing his computer, e-reader, electronic key to my car (not his), glasses, etc. about $2,000 worth of items that he had in his trunk. I go through the whole process of completing the necessary paperwork, file a police report, provide original receipts for items, manuals and boxes (they asked for them) and I waited... and I waited. Here we are 5 months later and I received a check for $600.00 It cost me $200.00 alone to have a new electronic key made for my car and my ignition re-programmed. Here's the kicker! I made sure that I took the Replacement Cost Endorsement on my policy. You see, I have been a licensed insurance agent for about 20 years but have my license shelved because I'm working in another industry. So, I know that the settlement should have been on ACV (actual cash value) without depreciation and then they pay me the difference between the ACV and the actual replacement cost when I purchase the like item. However... Good ole American Bankers Insurance just sends me a check. Nothing more. No settlement worksheet showing how they came to the settlement amount and nothing at all to explain how the Replacement Cost endorsement works. Luckily, I know this is wrong. How many others are they cheating doing business this way. I have phoned the Adjuster numerous times with no return call. I then called her manager numerous times. Of course, I've received no call from her either. I've now phoned the Director in the Florida office and yep, I have received no return call. So... where do I go next? I see that there's other issues with the BBB against them and can pursue that also. I can also turn them into the Insurance Commissioner but which state? Hawaii or Florida where the policy is underwritten? Lastly, what do I have to do to get this settled? I've paid my premiums and this is really BAD FAITH. I paid for Replacement Cost and I expect it. So, where do I go now?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Renter's Insurance Providing Low Compensation for Vehicle Break-In

    For an insurance policy obtained to cover a Hawaiian rental unit, and a loss that occurred in Hawaii, regulation would be through Hawaii.

  3. #3
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Renter's Insurance Providing Low Compensation for Vehicle Break-In

    Wow, amazing he had all those things in his car. Stupid also. It appears your problem is you cannot prove they were there and stolen. Therefore the insurance company will decide what the loss is.

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