2. amps-preamps
  3. 149836-1484

anyone have experience with "replacement cost" insurance, and Allstate?

Well, thanks to a lightning strike I am without my Mark Levinson 326s. It is at the shop now getting looked at but I am not holding out a lot of hope. The 326s is not longer made, and I am worried about what Allstate will consider as a replacement.thanks for any advice you might have on this.
no_money
dweller's avatar
dweller
3,735 posts
 
Consult your agent. A normal policy should cover all of your possessions. This doesn't include the $100k in cash you had in the cookie jar, however. 
no_money OP
638 posts
 
well, looks like the 360s DAC didn't make it after all... : (
no_money OP
638 posts
 
dweller, that doesn't make a lot of sense? What if I was gifted all of the items? They would have a value of 0 dollars and be uninsurable?
northbeach
54 posts
 

As a 36 year adjuster, I mimic what the others have told you.

An adjuster's biggest concern is getting audited for not having proper documentation to support what settlement he achieved. Flood the adjuster with documentation that can be verified that will substantiate the value. Provide all alternatives as concerns repair vs replace so that the best decision can be made.

What a good adjuster will come to realize is that a Mark Levinson amp is like a car. The parts not destroyed have after-market value.

If the election by the carrier is to replace, they get the salvage of the Amp. If you negotiate to keep the salvage for parts [lest you do find a used replacement], then they pay "replacement cost LESS salvage value".

tuberist's avatar
tuberist
951 posts
 
I forgot to discuss "replacement cost" HO Policy feature that’s important and one another mentioned. Some companies will pay you ACV or actual cash value for the item up front after replacement cost has been established and agreed. ACV means "depreciated" value or new cost less deduction for use you have gotten from the item. Once you show you’ve "replaced" the item they will pay you the remaining sum of replacement less ACV. This is a pain for the adjuster, who just wants to get the claim paid and closed ASAP since the adjuster’s "pending" claim counts are monitored and there is unpleasant scrutiny if the claim counts rise, under certain circumstances.
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