Cash Repacement for Stolen Ring


(Ontario)

My son had a ring stolen from his house and doesn't want to replace it but would rather take the cash value for it. He was told that would be 50% of the replacement cost prior to any taxes and then his $1,000.00 deductible would be subtracted from that 50% value. Is that standard procedure?


Re stolen Ring


Hi there,
The 50% depends on the policy wordings. It sounds like it is set there. So he should check the policy wordings. If that's not in your policy, point it out to your insurer and consider legal advice.

Good luck,

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Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

Please Read

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