by Guest » Sun Aug 23, 2015 01:05 am
Claim Summary:
Replacement Actual Cash Value 1627.33
Less Deductible -700.00
Received Check for 927.33
Summary states total recoverable Depreciation is 235.26
I decided to redo entire roof for much larger amount. Insurance company states that I am not entitled to the $235.26. Is that correct?
Posted: Mon Aug 24, 2015 04:31 am Post Subject:
Have you asked them _why_ they won't pay the depreciation? What was this reason? We can't say if the reason was correct... without knowing the reason.
Posted: Wed Oct 21, 2015 10:09 pm Post Subject:
In your summary are you referred to 'Replacement Actual Cash Value'.
Typically claim settlement is going to be based on either RCV (Replacement Cost Value) or ACV (Actual Cash Value). It looks like they may have paid you based on the RCV and potentially never withheld the recoverable depreciation amount. This is common practice on smaller losses as I believe the insurance company simply wants to close it out on their end in lieu of leaving it open.
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