What is recoverable depreciation?

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PostPosted: Wed Nov 11, 2009 5:01 pm   Post subject: Check  

I'm not sure I understand your question completely but I will try to answer it. If you are talking about the difference between the Insurance company's estimate and the actual repair cost, the insurance company will keep the difference. The insurance company pays the claim based on there estimated repair costs, if you have it done for less you cannot keep the difference. You cannot "make money" on an insurance claim period.


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PostPosted: Fri Nov 13, 2009 6:25 am   Post subject: Recoverable Depreciation  

if I have a claim with several different categories of loss. Will the recoverable depreciation be calculated by category or by the entirety of the completed claim?



What I'm asking is do I have to replace everything exactly as valued, or can I spend less on one category and more on another and as long as I've spent at least the total value, then receive all of my recoverable depreciation, or will they withold the depreciation on a single item if it is replaced for less than the claim amount.

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PostPosted: Tue Nov 17, 2009 9:22 pm   Post subject: Recoverable Depreciation  

I filed a claim In September 2008 for hail damage to my roof. Due to my wife becoming ill, experiencing several deaths in my family, and the loss of my job, I am just now getting around to having my roof replaced. My mortgage company already has the first check, but will if still be possible to obtain the Recoverable Depreciation amount at the present time.


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PostPosted: Wed Nov 18, 2009 12:34 am   Post subject:   

It should be Bryon...just contact your adjuster and explain the situation. Most adjusters are human too, and understand these types of circumstance.. ("most" I said Wink )



I'm sorry for your struggles and hope your bride is much better now. And you've found a new job.



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PostPosted: Wed Nov 18, 2009 2:52 am   Post subject: Cost of Replacement and Depriciation  

I had hail damaged to my roof around August 6 of this year. The adjuster came out and did the estimates:



$6660.44 - Cost Replacement

$1884.47 - Minus Recoverable Depriciation

$4775.97 - Actual Cash Value

$1000.00 - Minus Policy Deductible

$3775.97 - Settlement



I had the roof repaired and the total was $5332.00. After the roof was repaired, I sent the invoice in and was issued a check for $556.00 (recoverable depriciation). Shouldn't I have recovered the full depreciation amount? I have talked to numerous of people, who haven't had to come with the deductible to pay the roofer. Also if ANY insurance company is going to go by the guide line of "Actual Cash Value", there shouldn't be a "Replacement Cost" on the claim that the adjuster writes up.

Personally, I believe every insurance company needs to heavily regulated so that the insurer is not getting the shaft. The insurer pays alot for the replacement of property, but when it come time for a claim, the insurance doesn't want to pay for the total cost of replacement.


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PostPosted: Wed Nov 18, 2009 4:34 am   Post subject:   

No you shouldn't receive all the depreciation if you did not have all the work completed. You had the roof replaced and they sent to the recoverable amount for the roof. I assume that there was damage to other items that make up the difference.



As for your deductible...you owe it. Now if your roof waives that, that is on them. Many times roofers will give homeowners breaks on deductibles up to a certain dollar amount for say placing a sign in your yard for X amount of time.



Yes you pay more for a replacement cost policy. The replacement cost provision of the policy does not kick in until such time as the damaged property is repaired or replaced. You could have received a total of $5660.44 if all of your property had been repaired.



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PostPosted: Wed Nov 18, 2009 11:52 pm   Post subject:   

Quote:
I have talked to numerous of people, who haven't had to come with the deductible to pay the roofer
Your deductible will come off the loss...every loss, every time...it's the deductible you chose when you purchased your policy...



Quote:
Personally, I believe every insurance company needs to heavily regulated so that the insurer is not getting the shaft.
They are..every state has a dept of insurance..they regulate EVERYTHING...
Quote:
You could have received a total of $5660.44 if all of your property had been repaired.
Das, that isn't how I'm reading the 'guests' post, (and maybe I'm wrong), but what I'm getting is the adjuster wrote an estimate for $6660.44 , but the roofer did the job for $5332.00. I think the roof was replaced, it just didn't cost as much as the adjuster wrote, so the 'guest' is ticked that their deductible didn't disappear when this happened. That's how I'm reading it anyway..


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PostPosted: Thu Nov 19, 2009 4:59 am   Post subject:   

Your correct, the way you read it works out mathmatically. I missed that.



If the "guest" should be mad at anyone it should be themselves. If they would have listened to their adjuster they would have known that they could have collected up to the estimated amount minus their deductible and then have their roofer "cook" the estimate to make it work out. See what you get for being honest.



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PostPosted: Fri Nov 20, 2009 7:33 am   Post subject:   

Yes, you should understand why it doesn't pay the entire replacement cost. Some times it helps us obtain a better explanation if we go through our policy conditions right at the very beginning. It would be better if we all know how things like insurance work and what we may get compensated for.


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PostPosted: Thu Jan 07, 2010 5:37 pm   Post subject: Recoverable Depreciation..roof replacement  

The roofing contractor wrote that they would replace my roof per my insurance company's scope. Homeowner is responsible for deductible only. Price based on insurance company replacement cost value. Does the full scope of insurance proceeds include the recoverable depreciation being paid to the roofing contractor? or to the homeowner?


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PostPosted: Fri Jan 08, 2010 1:04 am   Post subject:   

If the roofer's price is the same as the insurance company's estimate and all you would owe is the deductible, then yes the roofer would get the holdback amount. .......actually the homeowner would get the holdback amount but would need to forward it to the roofer to pay the agreed contract.



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PostPosted: Sun Jan 17, 2010 7:56 pm   Post subject: sink hole claim  

I have an active claim for a sink hole for 3 years. All processes have been done including a neutral evaluation.My insurance company has told me that they will pay to repair my home. If I tell the insurance company that I do not want to repair (no mortgage involved) and would rather cash out, could I cash out? Could the insurance company not pay if refuse to repair?


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PostPosted: Mon Jan 18, 2010 12:14 pm   Post subject:   

No they owe the claim whether you repair it or not.



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PostPosted: Thu Feb 11, 2010 8:18 pm   Post subject: question  

We had water damage in our home, a company sent by our insurance company did the clean up and sent an estimate into the insurance company for cost of damages. Now we can go with that same company to do the repairs or find our own contractors to do the repairs. In our research we found that we could have the repairs done cheaper if we go with different contractors. Now my question is this, do we get to keep the difference


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PostPosted: Fri Feb 12, 2010 12:28 am   Post subject:   

Yes, you can choose the contractor of your choice and keep the difference.

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