How do insurance companies determine the value of an item damaged by water?
Question Details: The water pipes in the apartment above me busted when it was cold and flooded my apartment. I have numerous items damaged to include a TV, couch, laptops, phones, and lots of medical books. Do they only give you a set amount per item despite the brand or the amount you paid for it? And what happens if you don't have proof of what you paid for the item?