by livemore5 » Sat Oct 10, 2009 06:23 am
What is I only want recoverable depreciation on a portion of the claim. i.e, paint was cheaper than
claim allowed for. However, countertops more. If I did the painting myself, can I still get the recoverable depreciation on the countertops?If I have the receipts for them or would I have to show receipts for all?
claim allowed for. However, countertops more. If I did the painting myself, can I still get the recoverable depreciation on the countertops?If I have the receipts for them or would I have to show receipts for all?
Posted: Tue Oct 13, 2009 10:15 am Post Subject:
If your repairs are lower than the worth of your settlement check based on the estimate, then you need not worry at all. I don't think it would require you to show the receipts if the estimate has been accepted by the carrier already.
Posted: Wed Nov 04, 2009 07:08 pm Post Subject: recoverable depreciation
if you have a policy that states repair and replacement cost increases, section I coverages have been increased by 4.5% why would you have a recoverable
depreciation on your repair estimate by insurance adjustor?
Posted: Wed Sep 22, 2010 12:52 pm Post Subject: How to claim the recoverable depreciation if you decide to r
Instead of repair the damaged part of the house, the home owners decide to rebuild that part. How can the home owner claim the recoverable depreciation from their insurance?
Posted: Thu Sep 23, 2010 09:29 pm Post Subject:
The homeowner can do whatever the homeowner wants to do. The insurance company is not obligated to IMPROVE the property, its only obligation is to RESTORE to whole. If the restoration cannot be performed without more extensive repairs, then the insurance company will pay for that work. It has to be predetermined, not presented after the fact.
Posted: Tue Sep 28, 2010 03:59 am Post Subject:
The named perils in your renters policy may include:
* Fire or Lightning
* Windstorm
* Smoke
* Vandalism or Malicious Mischief
* Theft
* Accidental Discharge of Water
* Nine other common loss types
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Posted: Sat Nov 06, 2010 02:42 pm Post Subject: reimbursements for meals
how does an adjuster determine what will be reimbursed to an insurer for meals? Suffered severe smoke damage thru out entire home and insurance claim replaced stove. however, took insurance company over 2 month to send check for damages. therefore, causing me to eat out everyday. i sent the adjuster receipts over 2 months and have not heard anything. also, original claim included the cleaning of carpet and after 2 attempts from professionals, its still not clean and causes problems for my son who has asthma(has to open bedroom window)
i have also given the adjuster this information, along with replacement estimates for carpet, which is an additional $5,000 and still nothing. Im now in my 6 months of trying to close this claim. Have sent emails to adjuster for 2 months and nothing but he will get back to me. any advice would be helpful at the point.
Posted: Wed Dec 15, 2010 10:16 pm Post Subject: Re:
These monies are not to be confused with 'uncovered or disallowed' claims. Recoverable depreciation is "incentive" money that has already been determined as needed by the claimant to help with repairs. More times than not, the initial check is NOT enough to cover the total of repair and the claimant may be in a pickle if they cannot find a contractor to work with them on a partial payment and then reimbursed by the insurance company after completion of repairs.
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Posted: Sun Jul 03, 2011 07:24 pm Post Subject: depreciation values
I have a claim with a depreciation value which i can recover after my work is finished. do I need to send in reciepts for the exact amout the company allows for that repair, or can i spend less on that and more on other repairs that do not have a depreciation value.
Posted: Mon Jul 04, 2011 05:08 am Post Subject:
can i spend less on that and more on other repairs that do not have a depreciation value.
This is America . . . you can freely spend your own money any way you choose. But you do not have the freedom to spend the insurance company's money on items that were not damaged and subject to your covered loss.
Recoverable depreciation is exactly that. You recover the actual cost of repair or replacement of covered property in excess of its "Actual Cash Value" (replacement cost less depreciation).
If, after your deductible is satisfied, the ACV is $1000, but the estimated cost to replace is $2000, you will get a check for the $1000 up front, and the balance after submitting invoices for the repair/replacement. If you repair or replace for $1500 by doing some of the work yourself, or because you found the item on sale, you will only be reimbursed for the $500 difference.
And . . . don't think of submitting, as some folks try to do, fake invoices inflating the cost of repair/replacement in order to get the money you need to fix or replace other property. That's called insurance fraud, and you might enjoy several years in state prison if convicted.
Posted: Thu Aug 18, 2011 05:53 pm Post Subject: deprciation check for repairs
my insurance company sent me a depreciation check made out to me and my mortgage co the repairs are completed. After I send the check to the mortgage co, who does this check go to me or the contractor need to know please.
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