Can you return a replaced item after renter insurance settles?

UPDATED: Oct 14, 2020

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UPDATED: Oct 14, 2020Fact Checked

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My house was broken into and I had renters insurance with replacement coverage. After the break in I bought new items and had to provide the receipts to receive reimbursement from the insurance company. Unfortunately I was recently laid off from my job and am now not in the financial situation I was before. Am I allowed to return new merchandise to the store that was claimed on insurance?”

Asked January 4, 2016

1 Answer

After your belongings are stolen from your apartment, you should file a claim with your local insurance agent. If you have replacement coverage in the State of Louisiana, then you can actually purchase the same type of item that you lost. This enables you to continue to live your life uninterrupted.

The new merchandise belongs to you free and clear. You own the property and had paid the insurance fees in order to have it replaced.

Your financial circumstances could change dramatically, especially during tough economic times. If you lose your job after you have settled and replaced the stolen property, then you might think about returning the new item for cash. This is well within your rights.

Once again, the point of the renters insurance is to give you the proper financial compensation for your stolen property. In many ways, your returning the replaced property would be similar to having a renter insurance cash value policy.

Of course, you will need a receipt to return the new merchandise. It also depends on the store's policies for returns. Some stores might have a restricted time period or require the product to be faulty before permitting returns. Pawn shops are another option, if the original store will not accept your return.

Answered January 5, 2016 by CenterStone

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