Home Insurance from Ikea

[paradox]

@gaijin

It’s my insurance for household and liability. So far I’m happy, it was the cheapest option when I switched (from Axa). I never filed a claim so far. I was not aware of this deduction of the residual value. That changes the whole situation quite a bit, so I need to revisit this insurance.

Thanks. I am still considering IKEA due to its low premium.

I would assume that the burden of proof for residual value is on the insurance, but I am still not familiar with how this is handled (I understand that residual value is a common term with car leasing / insurance). I guess the insurance would have to proof that it is / I am able to sell the damaged item at a certain reduced price. If I can actually sell the damaged item, I would be ok with accepting the deduction, as this would allow me to buy a replacement.

Another thought of mine: In case an item was already damaged before the insured event (=reduced value), they would probably still consider its “new value” when calculating the insurance sum (=higher premium). In that context, it does not seem fair to deduct residual value after the event.

[gaijin]

Yes, determining this deduction is filled with complexities. As mentioned, I never filed a claim with Ikea. My claims in the previous companies (Axa) resulted in the payment of the original purchase price based on the receipt of the item.

Another thought, the company behind the Ikea insurance (Iptiq) was stopped by its parent company. So I’m not really sure how Ikea will continue. So far I have not received any communication about change of contract terms.