How to Value Lost Personal Property

[GRG a/k/a goldenrulegirl]

When the tree crushed our house last summer, we lost a the majority of our personal belongings.  Everything from furniture to books to clothing to kitchenware to decorative items to tools...the whole gamut of what folks accumulate in their homes.

I have finally inventoried and taken pictues of it all.

Some of the items are readily replaced from current retail markets.  I can easily put a value on them.

However, other items are sufficiently old or sentimental or unique that they cannot be so easily (if at all) replaced.  How do I now value this type of item for purposes of negotiating the claim with the insurance company?

Obviously, I've tried Craigslist, but Craigslist is not a reliable source for genuine values.  Craigslist pricing ranges from ridiculously subjective overpricing to "Free because I want this gone NOW".

I've tried Ebay, but am also not sure if that is an accurate reflection of items.

Is there anyone out there with some experience dealing with a large personal property loss?  Can you please shed some light on how you valued items not readily replaceable?

And, by all means, those of you with professional experience paying out such claims (Iggy, PBP, etc.) PLEASE tell me what sorts of valuations pass muster and which don't.

Thank you, kind and knowledgeable YMers.  

[phil5185]

Can you please shed some light on how you valued items not readily replaceable?

The value is similar to the value placed on 'pain & suffering'. The actual monetary value is near-zero. Eg, family photos - when we were going thru the belongings of our deceased 95-year-old relatives, we found boxes of old photos, albums, etc. Couldn't identify many of the people, old college buddies from the 1920's etc. Checked with several - no one wanted them. Hated to toss them, some said 'donate' them - but to whom?  To a lessor extent, old clothes, furniture, dishes, wall pix, are in that same category - ie, treasure by you but junk to literally everyone else. So a lump "pain & suffering" may be what you get - as you say, the items can't be replaced - and they have no market value.

[buystoys]

When we moved in 2013, we sustained damage to a large number of personal items.  Where it was something I could not directly value, I used the price of an item I would purchase as a replacement.  For example, I had some decorative items that were crushed/broken.  I could not find a direct replacement, so I made a note and used pricing for comparably priced items I would be willing to purchase.  I did write a letter to accompany our claim with the details in order to give as much information as possible.  The insurance gave me no problem with those items.  Rather, they originally denied all the electronics that were damaged.  We went back and forth several times about that and finally did receive a check for replacement.  Ours was not an extensive claim, though.  Maybe about $3000 total?

Good luck!

[Deleted]

My insurance was replacement value & the sentimental value part doesn't figure in unfortunately. The insurance would pay replacement value on anything I actually replaced, but anything else would be depreciated value (if not replaced). I worked to find most comparable item on market to replace with.  Like buys toys, I made a spreadsheet and included notes where a direct replacement was not available.
 
For valuation, ebay 'closed sales' are a very accurate reflection of a used item's value; however if you have replacement value insurance, you want to look for current similar item for valuation. 

Do you have an insurance agent? I love my agent because he can provide guidance on my policy coverage & how to work with this kind of stuff. 

Did you ever involve a public adjuster for your claim?  Tree Crushed your house sounds quite major and I think I remember you asking about disclosures on repairs in the event you sell. Seems like a public adjuster might be helpful when a claim is on that scale.

[resolution]

Has your insurance company asked you to value everything? When my house was robbed about 10 years ago, I just provided a list with a description of everything and then the insurance company researched what it would cost to replace everything, mostly by looking at online stores. I thought their value was fair so I didn't dispute anything.

[Deleted]

Wow, this is everyone's worst nightmare and I am so sorry you have to deal with it.  We, too, have many vintage treasures that would not be directly replaceable in-kind.  How can I put a value on the portrait of DH's father, handpainted on silk under an arched, domed glass in an elaborately carved frame?  Don't forget Etsy in your online search; they have a lot of vintage and handcrafted items clearly priced.

Several years ago DH and I set out to create a complete inventory of our possessions including video, still photos and receipts. It was an exhausting task but now I keep it up-to-date by adding any new purchases and deleting anything we dispose of.  This year's clean-out, remodel and redecorate meant a lot of inventory changes but that's okay by me.

Our friends' reactions to our effort were interesting and revealing.  My BFF said I was just anal and bored, and another friend said the insurance company would have to prove she didn't own whatever she decided to claim.  I truly pray they never, ever have a loss (especially the one who thinks her carrier will bear the burden of proof