What happens if my jewellery is recovered?
I recently had my apartment robbed and all my jewellery taken (mostly sentimental). I want to put this whole thing behind me and just file the insurance papers, but I still have hope that my engagement ring (an antique from my great grandma) and other things will be found. What happens if the jewellery is recovered after the insurance is paid out? Can I give the money back to get my stuff?
Please list your sources.
Yes.
Your insurance company will let you buy the jewelry back in exchange for the money they paid you.
When you settle with the insurance company - they become the legal owner of the items. However, insurance companies usually give you the chance to buy the item back for what they paid you.
Insurance exists to make one 'whole' again after a loss. If your jewelry is recovered and ultimately returned then you become 'whole' again and would be legally obligated to return any money received from the insurance company.
References :
The logistics would depend on your local police department and your insurance company, but these should be two separate procedures and issues. If the police are able to recover your jewelry, they would return it to you and your insurance company wouldn't have anything to say about it. However, your insurance policy and/or whatever documents you sign to go about getting your insurance recovery would likely require you to report it to the insurance company and give the money back. I would ask your insurance agent what happens under these circumstances because I'm sure you aren't the first person who would be in that situation. And I would get moving on filing the paperwork because insurance companies aren't known for being the most efficient organizations. Good luck.
References :
When an insurance company pays a property claim such as the one you have outlined, they purchase the rights to the property. Now, they don't want your jewelry but once they have paid you for it, in essence, they are the owners of the stolen property. If it is ultimately recovered and you want to purchase it back, they will probably sell it back to you for the same amount that they paid you for it.
References :
Yes.
Your insurance company will let you buy the jewelry back in exchange for the money they paid you.
When you settle with the insurance company - they become the legal owner of the items. However, insurance companies usually give you the chance to buy the item back for what they paid you.
References :
Insurance Adjuster 12 years
Once your insurance company has paid you for your claim, they have the rights to the property should it be recovered. Most insurance companies will offer to let you buy it back for what they paid you should the items be recovered. The tricky part is……you still have to have enough money to buy the jewelry back from them.
References :
Adjuster