Allstate / recoverable depreciation
During Hurricane Ike, an Oak Tree fell on our house. The tree hit the roof over the spare bedroom which I used as a Computer/Music room. After much fighting and wrangling, they finally paid enough (barely) to fix the damage to the house. When it came time for the Contents Claim to be settled, I submitted a claim for $21, 000. I had lost computers, albums, CDs, Amplifiers etc. They sent me a check for $4500, citing "Recoverable Depreciation" as the reason for the discrepancy. What this means is, if you claim an item is worth $100, they will pay you a small percentage of that $100, and pay you the balance when you submit a reciept for the remainder showing that you have bought the replacement item. This is another Insurance Industry scam, helped along through the Texas (and other states) Legislature with many lobbying dollars.
When I pay my premium, I expect to be paid if I have a claim, not run through hoops all so Allstate can maximize their bottom line. Shame on our lawmakers for taking lobbyist money to pass laws that are only in the best interest of the insurance companies. A soon as I get what I can of my "recoverable Deprecitation, We will be switching insurance companies. I know they are all the same, but they have a choice whether to take advantage of this law or to play fair and pay claims in full.
Allstate is a criminal enterprise and should be investigated, along with all the insurance companies that look for ways to screw thier clients out of their deserved claim payments.
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