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calgaryblood · 09-03-2015, 05:21 PM

Hi guys, so my parents who have been with Wawanesa for 25 years recently had their home broken into and had a safe stolen with Jewelry worth around $12,000 stolen among other items. Today my dad gets an offer and they have a $5000 depreciation hit for jewelry because it's a cash settlement. The jewelry belonged to my mom who got it from her mom over 50 years ago so as you can imagine it meant a lot to her sentimentally.

She has no use for new shiny jewelry and would rather take the cash settlement. But the insurance is insisting she either buy new jewelry and provide a receipt to get fully reimbursed or take a $5000 hit.

I've talked to State Farm agents and TD agents and they both tell me they do not do that at all and offer full cash settlements without depreciation on jewelry. And I went over my parent's policy and there is no mention of this anywhere. Is this common practice? scare tactics by agents to get them to accept a lowball offer?

Can anyone either give some helpful advice or recommend a good insurance lawyer in case it has to go that route? Thanks a lot.

09-03-2015, 05:21 PM	#1
calgaryblood Lifetime Suspension Join Date: Jul 2015 Location: Hmmmmmmm Exp:	Insurance Lawyer recommendation? Hi guys, so my parents who have been with Wawanesa for 25 years recently had their home broken into and had a safe stolen with Jewelry worth around $12,000 stolen among other items. Today my dad gets an offer and they have a $5000 depreciation hit for jewelry because it's a cash settlement. The jewelry belonged to my mom who got it from her mom over 50 years ago so as you can imagine it meant a lot to her sentimentally. She has no use for new shiny jewelry and would rather take the cash settlement. But the insurance is insisting she either buy new jewelry and provide a receipt to get fully reimbursed or take a $5000 hit. I've talked to State Farm agents and TD agents and they both tell me they do not do that at all and offer full cash settlements without depreciation on jewelry. And I went over my parent's policy and there is no mention of this anywhere. Is this common practice? scare tactics by agents to get them to accept a lowball offer? Can anyone either give some helpful advice or recommend a good insurance lawyer in case it has to go that route? Thanks a lot.