Do I need to replace stolen items in my claim with exact, comparable, or similar items to receive recoverable depreciation value?

Free Car Insurance Comparison

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

UPDATED: Jan 12, 2017

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Written By: Jeffrey JohnsonUPDATED: Jan 12, 2017Fact Checked

If your insurance policy requires you to replace lost or stolen items before it will pay the full replacement cost you need to replace with similar or comparable if not exact. If you replace with similar and the cost is less than the exact item, you will only be reimbursed the difference between what you had already received and the replacement cost. If the replacement item is less than what you have already received, the insurance company will probably just let it go. You can just not provide the cost of the replacement item. If you want to buy a lower cost item, but it exceeds the amount you have already been paid you will get the difference.You should review your insurance policy to see what it says. If you are not certain, call your agent or the insurance adjuster and ask. They should be willing to explain how the policy works.

Free Insurance Quote Comparison

Enter your ZIP code below to compare cheap insurance rates.

secured lock Secured with SHA-256 Encryption

Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Full Bio →

Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

Free Insurance Quote Comparison

Enter your ZIP code below to compare cheap insurance rates.

secured lock Secured with SHA-256 Encryption