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FAQs |
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What is a hold-back? A "hold-back" is a synonym for depreciation in the insurance industry. A hold-back/depreciation is a provision of the policy that, if purchased under the limits of your policy, is actually recoverable. The insurance industry knows full well that most policyholders are unaware that this is a recoverable provision. Moreover, the percentage of policyholders that do not invoke their rights to recover this kind of loss is extremely high and the insurance companies are counting on the fact that you will not try to recover them. Are there anything specific dealing with the claiming of property that has been stolen? Police reports are extremely important for theft cases. These reports are then used as claims. All of the things in your car (CD player, spoiler, CDs) are often covered by your home owners policy. I have just experienced a theft, what should I do? You have just been violated. Though very disconcerting, you must remain calm and level-headed. How you handle this situation is critical to your receiving compensation for your loss. First, you must make a list of what contents you believe to have been in the place that has been violated (assuming the perpetrator is no longer in the vicinity - otherwise call police immediately). Second, inspect the room or vehicle against your list of contents. Add anything that you recall having been there - often walking into a room can jar your memory. So can sitting in a chair or on a couch. Third, ask family members for their input. Be as certain as you possibly can be that your have properly documented what has been stolen. Lastly, call the police to initiate a report. You must do this last as making a supplemental report after the initial report is often viewed as questionable and may be denied as part of your insurance claim. Also, items stolen from vehicles such as CD's, books, tools, fishing tackle, etc. are often covered under your home owner's policy. |
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