Hope u guys can settle an argument. My mate has chance damage insurance via his home insurance. His stereo is pretty outmoded and he told me he could buy a really good, but shabby one dead cheap, articulate he owned and damaged it, and claim for a topical one on the insurance.
Ignore the fact that this is outstandingly immoral and will expiration up increasing MY premiums, I thought that one danger be that if the system he picked up had already be through an insurance claim then some sort of serial number would own been logged. He'd consequently have to explain himself and risk, at best, his policy man cancelled, and at worst prosecution.
He says they don't log serial numbers of items so it is possible. Luckily for adjectives he got a unmarked one for his birthday but we still argue about it to this morning!
If anyone in the know could shed any street lamp on this at all i'd be really grateful. Thanks!!
Answers: Sure he could buy a really behind the times system and bang it up and wallet a claim.
Yes, that is insurance fraud.
Yes, i.e. a crime - felony actually
and Yes, he could be prosecuted for it.
And it's impossible to tell apart as if he reached into your wallet and removed your money. Every homeowner pays difficult insurance premium because of insurance fraud.
Here's a few other problems.
1. He can't file against your policy unless he is scheduled as an insured on your policy. Sometimes your policy will give incredibly limited coverage to other peoples property specifically in your perfectionism, custody, control ..but since you don't sound likely to patriarchate his is crime, that's gonna be tough.
He has to enjoy an insurance policy of his own.
2. Damage to personal property is usually named peril. So, unless one of the name perils cause the damage..no coverage (at tiniest it's like that within the US).
3. The insurance company would owe to replace his stereo with approaching, kind and aspect. So, he would get salaried the value of a hot stereo that is exactly approaching the damaged one. So, if you own a 32" TV that is 10 years outmoded and it is damaged surrounded by a covered loss -- the insurance company does not owe you a 32" plasma. They owe you one that is most similar to what you own (if you have a replacement cost policy).
4. Insurance companies do track claims. There is a database that oodles insurance companies subscribe to that lets us know when you own had a prior claim.
5. Too tons claims-- and your insurance policy will be can canceled.
If your friend has contents coverage on his "stuff", and if he have replacement value on his policy, the insurance company will replace it near "like features and quality", minus his policy deductible.
As an example, this means that if the stereo cost $500 ten years ago, but to purchase approaching kind and element today it would be $850, the insurance company would pay for the $850 stereo, minus the deductible.
The above information would be correct if the property be damaged by a covered peril. But if your friend "accidentally" dog-eared it himself in lay down to get a foreign one, he's outta luck. That's called insurance fraud.
Yes, for the most segment, they don't log serial numbers.
But for the most part, "damage" approaching "oops I dropped it", is NOT covered under the homeowners policy. The coverage for 'stuff' is on a name perils justification - fire, lightening, explosion, hail, breaking and entering, falling objects, etc. So it's not quite as simple as he say.
Additionally, as you both seem to be guys, clearly you aren't married - unless his autograph is on YOUR homeowners policy, HIS stuff isn't covered. He'd need a renters policy to cover HIS stuff.
He would also enjoy to prove the price that he paid for the element, so I don't think he'd be contained by any better shape, ignoring adjectives the relevant ethical dilemmas, etc... if he did the damage himself and file the claim, the insurance company will pay him DEPRECATED helpfulness of the item until he PROVES he replaced it with a brand strange one.
based upon your situation,I believe that you might find something supportive here.http://home-insurance.featured-resources... you should ask your insurance agent to find out the answer to this question.
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Ignore the fact that this is outstandingly immoral and will expiration up increasing MY premiums, I thought that one danger be that if the system he picked up had already be through an insurance claim then some sort of serial number would own been logged. He'd consequently have to explain himself and risk, at best, his policy man cancelled, and at worst prosecution.
He says they don't log serial numbers of items so it is possible. Luckily for adjectives he got a unmarked one for his birthday but we still argue about it to this morning!
If anyone in the know could shed any street lamp on this at all i'd be really grateful. Thanks!!
I call for an insurance agent to answer these question.?
Answers: Sure he could buy a really behind the times system and bang it up and wallet a claim.
Yes, that is insurance fraud.
Yes, i.e. a crime - felony actually
and Yes, he could be prosecuted for it.
And it's impossible to tell apart as if he reached into your wallet and removed your money. Every homeowner pays difficult insurance premium because of insurance fraud.
Here's a few other problems.
1. He can't file against your policy unless he is scheduled as an insured on your policy. Sometimes your policy will give incredibly limited coverage to other peoples property specifically in your perfectionism, custody, control ..but since you don't sound likely to patriarchate his is crime, that's gonna be tough.
He has to enjoy an insurance policy of his own.
2. Damage to personal property is usually named peril. So, unless one of the name perils cause the damage..no coverage (at tiniest it's like that within the US).
3. The insurance company would owe to replace his stereo with approaching, kind and aspect. So, he would get salaried the value of a hot stereo that is exactly approaching the damaged one. So, if you own a 32" TV that is 10 years outmoded and it is damaged surrounded by a covered loss -- the insurance company does not owe you a 32" plasma. They owe you one that is most similar to what you own (if you have a replacement cost policy).
4. Insurance companies do track claims. There is a database that oodles insurance companies subscribe to that lets us know when you own had a prior claim.
5. Too tons claims-- and your insurance policy will be can canceled.
What is the difference between blankness and voidable contracts?
If your friend has contents coverage on his "stuff", and if he have replacement value on his policy, the insurance company will replace it near "like features and quality", minus his policy deductible.
As an example, this means that if the stereo cost $500 ten years ago, but to purchase approaching kind and element today it would be $850, the insurance company would pay for the $850 stereo, minus the deductible.
The above information would be correct if the property be damaged by a covered peril. But if your friend "accidentally" dog-eared it himself in lay down to get a foreign one, he's outta luck. That's called insurance fraud.
Please abet me command this definition of pre-existing robustness condition?
Yes, for the most segment, they don't log serial numbers.
But for the most part, "damage" approaching "oops I dropped it", is NOT covered under the homeowners policy. The coverage for 'stuff' is on a name perils justification - fire, lightening, explosion, hail, breaking and entering, falling objects, etc. So it's not quite as simple as he say.
Additionally, as you both seem to be guys, clearly you aren't married - unless his autograph is on YOUR homeowners policy, HIS stuff isn't covered. He'd need a renters policy to cover HIS stuff.
Does anybody know of a company that offer cheap small coverage renter's insurance?
He would also enjoy to prove the price that he paid for the element, so I don't think he'd be contained by any better shape, ignoring adjectives the relevant ethical dilemmas, etc... if he did the damage himself and file the claim, the insurance company will pay him DEPRECATED helpfulness of the item until he PROVES he replaced it with a brand strange one.
based upon your situation,I believe that you might find something supportive here.http://home-insurance.featured-resources... you should ask your insurance agent to find out the answer to this question.
Resolved Questions: