by info_2 » Thu Apr 16, 2009 02:36 am
Recoverable depreciation is the difference between the cost to replace or repair property and its value before the damage occurred. Recoverable depreciation is the maximum amount of money you can recover from your homeowners insurance company after you have some repair or replacement work on you home. Items that your recoverable depreciation insurer considers recoverable and non-recoverable must be mentioned in the loss settlement provision of your homeowners policy.
Recoverable depreciation can be an important part of your homeowners insurance policy, especially if you need extra money. Homeowners insurance has 2 specific clauses that you may include in your policy. One clause concerns recoverable depreciation.
Recoverable depreciation can be an important part of your homeowners insurance policy, especially if you need extra money. Homeowners insurance has 2 specific clauses that you may include in your policy. One clause concerns recoverable depreciation.
How can you claim recoverable depreciation?
Here are a few simple steps you may follow in order to make your recoverable depreciation insurance claim:
- Review the policy: A claim for recoverable depreciation cannot be made on the actual cash value (ACV). Look at your policy carefully, and look for the recoverable depreciation clause.
- Gather evidence: Your insurance company will require evidence that you repaired your home or replaced the property before they will allow a recoverable depreciation claim. The adjuster will need documents that will help him confirm the value of the house after the damage has occurred.
- Contact the insurance agency: Once you've contacted the insurance company, either online or over the phone, the adjuster will do an appraisal of your home in order to estimate the amount of damage they will compensate you for.
- Depreciation check: Once the insurance company has allowed your claim, they will send you a check. The amount of the check should be the sum of your assets and depreciation minus the deductibles. The check may be made out to you, your mortgage lender, or both of you depending on the value of the check. If it is made out to you and your lender the check must be endorsed by the bank, which will deposit your share into your account.
Related readings
- When can you claim recoverable depreciation?
- Recoverable depreciation after hail damage
- Is there a deadline to file for recoverable depreciation?
- Mortgage settlement and recoverable depreciation
I have a claim that includes some other cosmetic work. To give an example.
My recoverable depreciation is 1K, My deductible is 2.8K. Total settlement is 13.9K. I don't have any mortgage on the house. The first insurance check settlement amount - deductible - recoverable dep = 10.1K. Now my question is if I decide to get the necessary repairs within the 10.1K amount, do I have to still care about recoverable depreciation? I am willing to forgo the recoverable depreciation by trying to fix everything using the first check. Do I still need to submit the work receipts to insurance company if I don't care about getting the recoverable expense? Can the claim close once the timeline to file for recoverable depreciation lapses (usually 180 days).
My recoverable depreciation is 1K, My deductible is 2.8K. Total settlement is 13.9K. I don't have any mortgage on the house. The first insurance check settlement amount - deductible - recoverable dep = 10.1K. Now my question is if I decide to get the necessary repairs within the 10.1K amount, do I have to still care about recoverable depreciation? I am willing to forgo the recoverable depreciation by trying to fix everything using the first check. Do I still need to submit the work receipts to insurance company if I don't care about getting the recoverable expense? Can the claim close once the timeline to file for recoverable depreciation lapses (usually 180 days).
Posted: Sun Nov 12, 2017 10:38 pm Post Subject: Actual repairs cost less than insurance estimates
Hi - I live in Maryland and had the roof damage due to hail. I filed the insurance claim. The adjuster approved the total roof replacement and provided the written estimates. I was issued the check based that estimate (minus recoverable depreciate and my deductible). After getting the estimates from different contractors, I got the total roof replaced at the price a lot less than the insurance check that I had received.
Can I keep the surplus money or I'm obligated to return it back to the insurance?
Do I need to submit the certificate of completion and the final invoice to the insurance?
Please guide. Any guidance will be greatly appreciated.
Posted: Mon Nov 20, 2017 02:07 pm Post Subject: auto insurance
Hello, I live with my family in Los Angeles, California. Soon I will be moving to Las Vegas and I do not have a driving license, but I want to get one.
If anyone knows, if my insurance will be cheaper if I get my driving license in Nevada? Also, which car insurance companies are better in Nevada.
Thank you, Iosif.
Posted: Mon Nov 20, 2017 02:09 pm Post Subject: auto insurance
Hi . I live in Reno, Nevada and I am licensed insurance broker. In reality it does not matter where you get your driver’s license. However, if you are moving to another state you will need to get auto insurance from state. Your insurance rates will depend on many factors, including the state, city and sometimes a particular zip code. Some car insurance companies provide better coverage and are rated better than others.
If there are similar coverages, I usually suggest my clients to do their own research online and look for insurance rating sites like
cheapautoinsurance.com
Here, you can see what other people think of particular auto insurance companies.
Good luck!
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Posted: Sat Sep 22, 2018 12:59 am Post Subject: ins money
If the cost of repairs is less than the money received from the insurance company can I keep the remainder
Posted: Wed Feb 13, 2019 06:02 pm Post Subject: Recoverable Depreciation
Dear Sil
During that deep freeze across the north my house had burst pipes and flooding inside. Below is the estimate from my insurance company. Is there any way to recover or reduce the amount they list as Recoverable Depreciation ???
Replacement Cost Value $91,616.67
Less Recoverable Depreciation $24,172.82
Less Deductible $1,000.00
Net Claim Payment $66,443.85
Posted: Thu Aug 15, 2019 02:54 pm Post Subject: Recoverable depreciation
Are you obligated to hand over the check for the recoverable depreciation to the roofing company? Insurance company has issued a big initial check which is to be given to the roofing company however, they refused to pay the companies Overhead and profit in the claim. The contract we have with the roofing company is actually less than what their estimate because it is minus our deductible which we are financing. Are we obligated to give them this even though the contract balance shows only $600 something left remaining? Their estimate was more.
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