From the point of an ex-insurance agent and claims adjuster (mainly with State Farm) beware of replacement cost in their contract.
I am in the middle of fighting a claim with them and not going well. When we sold the policy, we marketed it as replace old with new, but at the time of a claim they change the tune.
Backstory water loss for a pair of B&W Matrix 802 S3. Total loss so they agree the speakers need to be replaced, now the fun part begins
My contention is the current replacement model for an 800 series speaker is an 800 series speaker. You would think that since they have continued to manufacture the same model for the last 35 years it would be a slam dunk. No such luck, State Farm pretending to be the expert, claim the 700 series are the current replacement. I understand the current technology has improved exponentially in that period of time, not the point. The point being, if RC is to replace with current version of same item (then how is the current model with same model not the replacement)? So, beware your agent will assure you the item will be replaced old with new, or as they now like to say “same like, kind and quality.”
So yes, I understand that the price has gone up 10x, but if I pay for the coverage, I expect to be made whole.
Would love to hear details on anyone else that have experienced similar situations, could be looking at class action suit.
