What is recoverable depreciation?

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PostPosted: Sat Nov 27, 2010 2:11 am   Post subject:   

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


and

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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


The only thing you fail to understand is something fundamental to all insurance: INDEMNITY.



This is the premise behind all insurance. To restore you to whole -- the condition you were in prior to the loss without profit or gain.



You had a roof over your head. Contract states the indemnity will be "replacement cost". They pay you ACV (which you apparently understand). You use that money to effect the repairs and need no other money to complete the job. What more do you want? You once again have a roof over your head.



You, like many insureds, think that just because you pay for "replacement cost" you are entitled to more than the amount that it takes to replace the damaged items(s). Where is the fraud in that? Asking for more than you actually paid to replace the item is FRAUD.



The other part you don't seem to understand is the ALEATORY nature of insurance. We don't enter into an insurance contract with an expectation of paying in $1000 and always collecting $1000 before the end of the policy year. In insurance, there is an unequal giving and receiving that you selectively ignore.



I doubt you would be here complaining as you are, when your loss was paid for 100% if the company initially paid you $10,000 for the ACV and then paid you another $10,000 when you submitted a bill for $20,000 in total repair cost.



You are demanding a profit when your loss did not exceed the payment you already received. Keep it up! We'll get to read about you being prosecuted for insurance fraud for submitting altered receipts.



And if you don't want to pay for Replacement Cost, don't! Demand a policy that only pays actual cash value for all losses. But after you do that, don't come back here whining and complaining that you can't effect the repairs or replace the damaged property for that amount when you have a loss.



If you want it your way, order your policy at the Burger King drive through. Be sure to ask to have all the pickles, lettuce, tomatoes, onions, and cheese on that Whopper HO-3 taken off.


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PostPosted: Sat Nov 27, 2010 2:18 am   Post subject:   

Years ago, I had a car burglarized. The thief took all my camping gear from the trunk. Tent, 0 degree down sleeping bag, backpack, boots, other stuff. All of it worth about $700-$800. Homeowner's paid me $350 up front, and another $650 after I ACTUALLY repurchased all of the items I had stolen. If they paid me the $1000 up front, gosh, I might not have used the money to purchase the camping gear that was previously so important to carry in the trunk.



Once I'm reimbursed for my purchases, I am free to sell them and pocket the money. Before then, I am entitled only to my ACV loss. That's what I've paid for.



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PostPosted: Wed Mar 30, 2011 7:42 pm   Post subject: RIWoHdbBjkqYMITrRH  

Recoverable depreciation.. Bully Smile


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PostPosted: Fri Apr 22, 2011 11:40 am   Post subject: BSYRbgLjsOr  

Recoverable depreciation.. Peachy Smile


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PostPosted: Wed Apr 27, 2011 7:36 am   Post subject: PnmfVHuxVHOKzxrj  

Recoverable depreciation.. Great! Smile


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PostPosted: Thu Jun 02, 2011 10:40 pm   Post subject: oMyKizngDTYfNUacPi  

Recoverable depreciation.. Bully Smile


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PostPosted: Fri Jun 03, 2011 4:38 am   Post subject: aNKITrQLLpwyRdswhG  

Recoverable depreciation.. Retweeted it Smile


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PostPosted: Wed Aug 10, 2011 12:34 am   Post subject: recoverable depreciation  

Who gets the RD check funds, the contractor or the insured. Can the insured keep the recoverable depreciation check from the insurer?


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PostPosted: Wed Aug 10, 2011 5:25 am   Post subject: hello  

very much thankful i have my home insured to a good insurance company home owners insurance houston

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PostPosted: Tue Apr 17, 2012 8:11 pm   Post subject: recoverable depreciation  

I am trying to confirm if insurance companies call the contractor to confirm the documents they send are legitimate...I ask because my roofer barely answers the phone and cant keep a darn thing straight...it has been like working with an ADHD child and bottom line I dont want delays or to not get paid because this guy is an idiot.


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PostPosted: Thu Apr 19, 2012 5:00 am   Post subject:   

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I am trying to confirm if insurance companies call the contractor to confirm the documents they send are legitimate
Not unless they suspect something fraudulent.


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PostPosted: Wed May 02, 2012 12:16 pm   Post subject: insurance  

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

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PostPosted: Sat May 05, 2012 1:50 pm   Post subject: recoverable depreciation  

just had roof replaced; solving a leak problem...cost was $8000...insurance not involved. My deductible is $2000, IF they DID accept claim. Is this a different way of getting my homeowner's insurance to cover the cost?


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PostPosted: Sat May 05, 2012 3:12 pm   Post subject:   

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Is this a different way


Yes, it's certainly a different way . . . the WRONG WAY.



You have done this bass-ackwards. If you even thought your homeowner's insurance might have paid for the repairs, you should have contacted them first.



Don't even try it now. They will laugh you all the way out of the building.


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Last edited by MaxHerr on Sat Aug 11, 2012 9:44 pm
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PostPosted: Sat Aug 11, 2012 1:54 pm   Post subject: Greed  

It seems as though more and more insureds have the idea that they can make thousands of dollars off their claims. I'm a contractor and have run across this a lot. I will do the leg work to get everything possible from the insurance company so I can absorb deductibles and do free material upgrades. The homeowner sees the dollar amount that I will get and decides to find someone cheaper. The insurance company will only pay what is billed for. YOU CAN'T KEEP MONEY!!! IT'S FRAUD!!! Why do you think they hold some of the money back? Insurance companies are in the business of making money and repairing damaged property. We buy insurance so if our property gets damaged we can get it fixed. When a contractor bills an insurance company, that insurance company will W9 (tax form) the contractor, thus he must pay income taxes on what is received. A homeowner should not have income from an insurance company unless they are employed by them. I understand the want and need for money, but the system is set up so the homeowner does not keep money. Pick a contractor you trust and let them make the money they earn, even if it's more than you think it should be. Unless you'd rather have your insurance company keep it along with all of your premiums.


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