recoverable depriciation/ how to get it back

by Sherryc74 » Wed Oct 08, 2014 05:34 pm

Hello. I really need help with this. I was robbed on our front porch at gun point back in July and the thief stole my purse. It took me at least a month to document and recover receipts for everything I could remember that was inside my purse. We submitted our loss sheet along with receipts and received a check from our insurance company minus about $1500 they listed as "recoverable depreciation". No information as to what this was, why it was listed, how they came up with the amount etc. Please note that my purse was an expensive $1500 Louis Vuitton purse and my wallet & journal inside was Gucci. I had several bags of makeup etc. It was a substantial loss for me and I had receipts for all and they paid everything I had listed besides this $1500. I've been trying to get a hold of our adjuster via phone for weeks and I finally googled to find his email and the only way I got somewhat of a response from him was when I emailed him. His responses took days were cryptic and short and I kept asking him to call me to explain but he would only answer via email. He finally answered that we could recover the depreciation value and then it took a few more phone calls and emails to find out how the amount was arrived at ...he said it was 25% of each item! My LV purse was only 2 yrs old, practically new yet I had makeup in there from 2003 (with receipts) and it all still gets 25% depreciation value? That's crazy! I didn't even contest this part with him my questions were all related to how I get the $1500 back which he still hasn't answered and so that is my question here.

My purse was $1590. Do I need to purchase another purse at that price or higher in order to recover the 25% he deducted? What if I purchased a purse for $1000 instead would that not be able to be submitted because it's less than the one I had therefore justifying their deductible? Any information you can provide me with would be extremely helpful.

Total Comments: 1

Posted: Thu Oct 09, 2014 12:29 am Post Subject:

Do I need to purchase another purse at that price or higher in order to recover the 25% he deducted?

Yes.

What if I purchased a purse for $1000 instead would that not be able to be submitted because it's less than the one I had therefore justifying their deductible?

Yes.

You obviously have a policy with "Replacement Cost" value. You're entitled to "Actual Cash Value" which is the replacement cost minus depreciation. When you replace the item like for like, if it costs more than the depreciated ACV, then the insurer will pay the difference. You are not entitled to an "upgrade" unless that is the only replacement item of like kind available.

Time is running out! You normally have only 180 days from the date of loss to obtain the recoverable depreciation.

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