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 Jul 22, 2014 03:18 am Post Subject:
Recoverable depreciation is simply the difference between the Actual Cash Value paid to you initially by the insurance company and the actual cost to replace the damaged property under a Full Replacement Cost provision. You present the final invoice for labor and materials and the insurance company will pay the difference. Doesn't matter if you do the work yourself, have an unlicensed person help, or use a licensed contractor.
What you cannot do is charge an excessive labor rate for the work you do yourself. If the insurer believes the reasonable labor is $1000, that's what they will pay. Remember, a licensed, experienced contractor can probably get the work done faster than an inexperienced person, and that's what the insurance company takes into account.
Posted: Sun Oct 19, 2014 12:27 pm Post Subject: depreciation
can my contractor collect my depreciation after he has already been paidin full?
Posted: Tue Oct 28, 2014 01:53 am Post Subject:
can my contractor collect my depreciation
NO. Your contractor has no contract with your insurance company, and cannot collect $0.01 from your insurance company unless you assign the claim to him. Hopefully, you did not do this.Posted: Thu Dec 04, 2014 04:30 pm Post Subject: Recover depreciation on upgrade or change?
We are working a claim. The Insurance company has declared ACV on a kitchen floor and wallpaper to be replaced; we have recoverable depreciation on both since the policy is replacement value. If I elect to install a more expensive floor than the replacement (thus not exactly replacing it) or I elect to have walls prepped and painted instead of wallpapered, and assuming I spend more than the depreciation allowance, can I recover up to the depreciation allowance even though I did not do an exact replacement?
Example: Their recoverable estimate for flooring is $1.92 per square foot and they have given an ACV under a dollar. If I spend $10 a square foot to upgrade the floor, can I recover up to the $1.92?
Their recoverable estimate for wallpaper is $4000 and the ACV is $900. If I have the walls prepped and painted instead and the cost is $3000, can I recover the additional $2100 ($3000-900)?
The second example seems like it could be negotiated?
Posted: Thu Dec 04, 2014 09:19 pm Post Subject:
can I recover up to the depreciation allowance even though I did not do an exact replacement?
If it costs more, yes.
Posted: Fri Dec 05, 2014 05:01 am Post Subject:
I'm not sure I'm following you on this. House #1 is total loss and you have been paid accordingly? You cannot purchase a different property and claim recoverable depreciation.
What you can do is rebuild to "like kind and quality" and if the new construction costs more than the Actual Cash Value you have been paid, then you can ask for Replacement Cost instead -- if Replacement Cost is included in your policy.
Posted: Sun Jun 11, 2017 12:11 pm Post Subject: acv check
I've filed a claim to repair roof.contractors in process of making repairs..check was issued to me & mortgage co.(acv) when work is completed and papers are filed.who keeps the acv check?
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Posted: Tue Feb 19, 2019 01:29 pm Post Subject:
With proper documentation & reciepts for replaced items, will I still be able to collect the recoverable dep on claim even if it exceeds policy limit stated on dec page?
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