What is recoverable depreciation?

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PostPosted: Fri Feb 12, 2010 7:04 am   Post subject:   

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




Yes you can choose the contractor of your choice and keep the difference. However, if you have not been paid the full amount of the claim and there is a holdback amount you are going to have to send in a final invoice, receipts...whatever to get the holdback amount. If the new contractor does it for less, you will not get the full difference.



If they have paid you in full already, then spend away its yours to do with as you wish.



You may want to check any contract signed with the initial contractor when they did the dry out and make sure there is no wording in their for fixing the damage. You never want any surprises.


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PostPosted: Wed Apr 07, 2010 2:07 pm   Post subject: Roof Replacement  

We had hail damage to our roof and insurance is going to replace it. I am new to this and want to make sure I understand correctly.



The adjuster came out with a local roof contractor, each gave an independant estimate for approximately $6,400 total RCV. My deductable is $1000, and pending holdback DEP is approximately $600. Thus, the fisrt check they will be sending me is to be approximately $4,800.



My wife and I are a young couple and although we are glad to be getting a new roof, $1000 unexpected expense is relatively large for us. I have a quote from another local contractor that does a lot of work for the same insurance company, they are at approximately $4,800 total for replacing the roof. So my question is, if I use the lower priced contractor, the issued check from insurance will cover cost to replace, I quess I would not apply for the $600 hold back depreciation amount after competion, but would the insurance company be calling me asking me to pay them back $1000 for the deductable since I basically will get the work completed for close to the amount of their initial ACV estimate and issued first check amount.



I'm not trying to make money or scam anyone, just trying to make the out of pocket cost for us less due to an unexpected $1,000 deductable amount.



Thanks


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PostPosted: Wed Apr 07, 2010 10:40 pm   Post subject:   

Quote:
I quess I would not apply for the $600 hold back depreciation amount after competion,
correct...
Quote:
but would the insurance company be calling me asking me to pay them back $1000 for the deductable since I basically will get the work completed for close to the amount of their initial ACV estimate and issued first check amount.
no...in fact you will most likely not hear from them again...or if you do they may send you a letter reminding you about your recoverable depreciation claim, let you know how long you have to file it etc.....however honey, you might run into a problem with how the draft will be issued....more than likely they will have to issue it to you and the contractor or you and your mortgage company, (minus your ded and rec. dep)...well you could I guess tell them that this (your) roofer will work from their estimate, therefore you want it to you and them...that would be your best option...they may HAVE to issue it to you and your mortgage company..if so just call them and see how/when they will release the funds to the roofer...be sure you have all of this ironed out before the first shingle flys.. Wink

Quote:
I'm not trying to make money or scam anyone, just trying to make the out of pocket cost for us less due to an unexpected $1,000 deductable amount.
I know your not..and I personally have no issue with anyone trying to save their deductible..1k is a lot of money, well to common folk like me anyway Wink


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PostPosted: Sat May 29, 2010 8:53 pm   Post subject: insurance claim  

WE HAVE A REVERSED MORTGAGE, WE HAVE A CLAIM, WILL THE RECOVERABLE DEPRECIATION CHECK BE GIVEN TO US.


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PostPosted: Sun May 30, 2010 12:02 pm   Post subject:   

Yes, since to collect it you have to pay it yourself.



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PostPosted: Thu Jun 24, 2010 7:40 pm   Post subject: received short depreciation check  

i am a contractor and very new to this type of business.

one of the problem i have is that when i sent in the depreciation invoice to insurance i was supposed to put down RCV but instead i put ACV and i subtracted deductible amount from ACV so im short on my depreciation check. do you think i can send an open depreciation invoice to insurance for the difference?


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PostPosted: Wed Nov 03, 2010 4:39 pm   Post subject: additional personal property preimium  

Our insurance company has been charging us an additional charge of S82 on top of the charge for 87k for personal property in 2009 and $72 in 2008. Our house caught fire on Dec.19,2009 so what I would like to know do they still show depreciation? On our renewal for 2010 they do not have the additional charge for personal property. Rolling Eyes


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PostPosted: Thu Nov 04, 2010 12:47 pm   Post subject:   

Your post does not make much sense. Please tell us what the "additional charge" was for, and what kind of policy you have. As far as "showing depreciation" . . . this is something the insurance company determines when a claim is paid, it is not something known in advance.



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PostPosted: Fri Nov 12, 2010 5:11 pm   Post subject: recoverable  

recoverable means what after job is complete?


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PostPosted: Fri Nov 12, 2010 5:17 pm   Post subject: house fire  

house fire insurance payment to get job done 71,000 total

depreciation amount is 64,000 which totaled 135k what does that mean?


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PostPosted: Fri Nov 12, 2010 11:13 pm   Post subject:   

It means that the total loss is $135,000. The insurance company has calculated $64,000 for depreciation. After paying $71,000 to you, if the cost to complete the repairs is up to $64,000 more than that, the replacement cost provision of your policy (if you have one) will reimburse you for the excess cost, up to a total of $64,000.



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PostPosted: Tue Nov 23, 2010 7:28 pm   Post subject: Recoverable depreciation  

hail storm July 19 2010 my letter says we have $10.855.61 in Recoverable depreciation but must claim in 180 days Dec.19 2010.

We have hard winter here and cant do anymore repairs until spring, what should we do? also we have to do the work or have it done before they will pay right? we dont have that kind of money so we cant do anything, we live in a town of about 800 people and there are really no contractors. My husband and I have done all our own work on the house. (except the new roof and that took 4 months to get done!) contractors dont like to drive far to small towns.... thank you for your time!


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PostPosted: Thu Nov 25, 2010 2:54 am   Post subject:   

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My husband and I have done all our own work on the house. (except the new roof and that took 4 months to get done!) contractors dont like to drive far to small towns.... thank you for your time!




You can ask for an extension.



The funny thing is . . . most contractors are desperate for work these last couple of years (or three or four), and would probably drive to the ends of the earth for a little work and a check.



I would think that if there was roof damage, that you would have repaired that as soon as possible, since . . . in five or six months . . . winter is coming.


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PostPosted: Fri Nov 26, 2010 3:00 pm   Post subject: recoverable depreciation  

I am not sure why I pay for replacement cost on my policy, for them to hold back the depreciation . I know and understand ACV-dep= check and then you get the dep. back after work is done. But heres the problem,

1. You pay extra $$ for this coverage

2. They hold $$ back and say you can have it back after repair,or replacement is done.

3. You do the replacement yourself and got some personal property items on sale or down graded ,now here it comes...

4. the deny your RECOVERABLE DEPRECIATION

5. They say well we paid ACV and you only spent that amount.

6. Lets talk about fraud and scam I think the insurance co. have full protection for all their scams and loop holes and they say its us , and fraud because we can not make $$... What about insurance co? Insured pay extra $$ for this coverage, an by loop holes we lose the recoverable dep. and they get to keep our extra preiume $$..

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PostPosted: Fri Nov 26, 2010 3:08 pm   Post subject: wbearp  

I would suggest that you call your adjuster , they will make extensions in cases like yours. Most insurance co. will work with you.

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