Flood damage and insurance - HobbyTalk

Went through this with a fire. Unless you have items "scheduled" for full replacement, the routine settlement is replacement cost, less depreciation. People do this on guns, jewelry, antiques. This needs to be done ahead of time, of course. At the time I did it, I think the charge was something like $1.00 anual premium per each $100.00 declared value, and you can do anything you want with it. You can declare $200.00 for a car if you want to. As long as you pay the premium if it gets burned up, lost or stolen- you get your $200.00. If the car had appreciated to $500.00, you still get your 200. The usual fine print here. Certain things are expected from you as values climb, from locking things up to installing a sprinkler system, if you get too crazy on valuation. My adjuster wanted to know what it cost to buy a replacement, and how long ago I bought my items that I lost (on the non-scheduled items). Yes, you're going to take a hit.

So I don't know, given the scope of this disaster they may be running psuedo formal procedures. Recommend you submit top end numbers on replacing items. Be prepared to substantiate. They are going to apply some formula of depreciation to whatever you turn in. You need to keep that in mind.

Sorry to hear you're going through this. Hope things work out.

Source: http://www.hobbytalk.com/bbs1/showthread.php?t=381045

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