My question involves insurance law for the state of: NewYork.
I'm wondering if anyone has had a similar issue to this. I upgraded my iPhone in February and like most normal people am paying off the balance ($750 total) of the handset in monthly installments along with my service charges.
My phone was stolen last week and when I tried to make a claim under renter's insurance they told me that they would only pay out my insurable interest in the device, i.e. what I have paid off so far, around $40 (my deductible is $250). Obviously I did not proceed with the claim.
Maybe I'm wrong but this strikes me as especially shady. If my house that I have a mortgage on burns down, do I only receive what I paid off my 30-year mortgage so far? I am still liable to the phone company for $700 so it's not as if they even retain an insurable interest in the device -- they have nothing to lose.
Any thoughts/comments appreciated -- just trying to wrap my head around this.
Thanks!
I'm wondering if anyone has had a similar issue to this. I upgraded my iPhone in February and like most normal people am paying off the balance ($750 total) of the handset in monthly installments along with my service charges.
My phone was stolen last week and when I tried to make a claim under renter's insurance they told me that they would only pay out my insurable interest in the device, i.e. what I have paid off so far, around $40 (my deductible is $250). Obviously I did not proceed with the claim.
Maybe I'm wrong but this strikes me as especially shady. If my house that I have a mortgage on burns down, do I only receive what I paid off my 30-year mortgage so far? I am still liable to the phone company for $700 so it's not as if they even retain an insurable interest in the device -- they have nothing to lose.
Any thoughts/comments appreciated -- just trying to wrap my head around this.
Thanks!
Home Insurance: Insurance Coverage Limits for Cell Phone Device Replacement
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