This goes off a bit from your question, but I would re-read your policy very carefully. I do a fair amount of insurance replacement in my work and I've not seen a case where an insurance company has forced a client to replace an item. What if the item lost was, say, your father's or grandfather's and a large part of its value to you was sentimental. The insurance company cannot replace that, and in my experience cannot make you, but should determine what it would cost to replace them with something of "like kind and quality" (insurance industry buzz phrase). What you originally insured them for represents the monetary cap of their liability to you and if an item legitimately costs "x" dollars to replace and you choose not to, they should pay you "x' or perhaps less if they can demonstrate that they can get it for less. I'm sure there are many kinds of policies and polices are legislated differently from state to state, but I would take a hard look, if you haven't already, as to what your policy says in writing. Any claims situation by definition is an adversarial one, and in my experience the claims agent is not your friend nor necessarily looking out for your best interests. I've seen more than a few cases where a claims agents says something that benefits the company which turned out not to be so. Not saying it's what's happening here, but it's worth confirming.
For replacement cost insurance the insurance company will offer you a settlement amount, but will reimburse more (up to the cost of a new item) assuming you replace it. I have seen this happen.That's exactly how replacement cost insurance works. I've seen it, too.
There's nothing wrong here.
Fire is bad thing.
Good thing there's insurance.
Insurance can pay to the possible profit of victim. What could be wrong?
To get an idea what speakers you want for profit, simply check statistics of sold speakers to get an idea what people mostly want at this price range.
I would also look for great sale deals on such items so you can be sure you sell them with minimal 'loss' to give even better and faster deal.
This is not that unusual but varies state by state as well as the insurance agreement. I think it's unfair to indict the OP for potentially legitimate question. How many of you know (or have read) exactly what are all the fine prints in your home insurance policies? I know I don't. All I know is the last time I had a car accident the insurance company would not write the check to me and would only pay the body shop directly.
insurance company may not pay if they know he sells the speakers after buying them
State Farm is one of the worst insurance companies - you can check with your state ins. commision for complaint elves, but I'll tell you that usually USAA is best (if you qualify), followed by Amica
also no ins. co. is "on your side" - they make money by either not paying the full claim or by not getting gigged by your lawyer or the state regulators
I asked the OP if he was in the U.S., he didn't respond. I'll assume he is for my comment. If he has replacement cost coverage for personal property (and most people do), he is paid the actual cash value up front (essentially the used value or RC less depreciation)) . When the policyholder replaces the item, he is paid the difference between the ACV and the actual replacement cost. It's only replacement cost coverage if you replace it, otherwise you just get the ACV. End of story.
Another option is to contact a third party adjuster. This can be a headache BUT, it won't cost you to talk to them. They intercede on your behalf. They also take 35% off the top. That sounds like highway robbery. I used one such company once and I received an additional $5000.00 beyond what my insurance company wanted to settle for. Talking to a lawyer wouldn't be a bad idea either.
A licensed public insurance adjuster will typically work for 10% or less of the total recovery. "Your" insurance company does not work for you. They work for their shareholders. You are the vessel through which they make profits. They will offer you the very least they think you will accept, not a penny more.
I had a basement flood in my house a few years back. Fortunately non of my audio gear was damaged, but the property damage to walls and flooring was fairly bad. Our insurance company came in and estimated the damage to be in the 30K range. I was offered 2 choices. Have them send in a contractor to re-do the basement, or have them cut me a cheque, and do the work myself. It was pretty straightforward for us.
BTW, I live in Canada, so regulations may be different here, than in the USA
joey_v289 posts02-23-2017 7:15pmI would buy a speaker that is easy to ship and doesn't depreciate and has a mass market appeal.I D SECOND THAT! just make sure you get Cardas golden cross speaker cables , as there can sound grainy with wrong cables . Or Chario Serendipity from Italy! Nothing will touch these two for sheer musicality....
I think pointing this out is appropriate. The less alert, eg me, can overlook the possibility.
Herman... because they can buy those 24000 dollar speakers for 12000 dollars. You can accept their 12000 (or whatever their offer) or the speakers.Mr Green, Then they aren't $24,000 speakers, they are $12,000 speakers and he should settle for the $12K. He stated the replacement value is $24K, why do you think they can be had for half that. I must have missed something