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buttercup98

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Hi, first time to post here !!

My house was recently broken into and they took some jewellery, IPad, DSI and other bit and bobs. My loss adjuster has yet to come back to me with an offer. She has stated that I can take vouchers to replace the items or if I don't take the vouchers I will only get 75% of the value of the items. Is this normal practise and if not what should I do.

many thanks in advance

Buttercup
 
Yep. They are within their rights to this. Generally they expect that on jewellery you will get a discount for cash. They probably also have negotiated a deal with the stores in question.
 
peteb said:
Yep. They are within their rights to this.
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Dubious at best to be fair. I have never read a policy that mentions vouchers or discount. You are in titled to the reinstatement value of the product. SO if you paid €100 for an ipod and it can be bought in the shop for €50 today then you get €50. This is not as easily done with jewellery which in general is purchase from a specific shop. If you want to replace it how will a voucher for a different shop be a reinstatement of the product?

The voucher issue is a bit up in the air as there is no current guidance on it from the regulator (central bank) or ombudsman.
 
I think the insurance companies do not want to give cash as the person may decide not to replace the items and simply pocket the cash.
 
Time said:
I think the insurance companies do not want to give cash as the person may decide not to replace the items and simply pocket the cash.
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which is their right, if you insure something and pay a premium then if there is a claim you should receive compensation for which you paid a premium.
 
thanks

Thanks for the advise. I will continue to try figure out where I stand. My engagement ring which was stolen was brought abroad and for a lot less money than I could buy anything even close to here. Raging I am that i've never claimed before and this is they way they treat you when I do !!
 
Well you see that is a different problem entirely! Did you provide a valuation from a local jeweller? Because you specify a sum insured for all risk items such as this. And it would be up to you to substantiate any loss by providing the valuation.
 
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