recoverable depreciation

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PostPosted: Sun Sep 25, 2011 2:54 pm   Post subject:   

If you did not own the property at the time of the loss, you have no insurable interest, and cannot collect anything.



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PostPosted: Wed Jan 30, 2013 9:33 pm   Post subject: less depreciation check  

Why would my insurance company send this check to the contractor? Sad


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PostPosted: Wed Jan 30, 2013 9:47 pm   Post subject:   

Ask your insurance company.



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PostPosted: Mon Feb 11, 2013 12:55 pm   Post subject: total loss  

I have a insurance claim for $100.000 and my insurance co gave me a check for rebuilding and still owe me $23.000 deprication if I have a sighed contract with a contractor for $100.000 do they have to pay me in full so I can pay off my contractor.

.


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PostPosted: Mon Feb 11, 2013 2:26 pm   Post subject:   

Not until the work is completed and the proof of loss (the total bill) is presented. And even then, the work must be restorative, not an enhancement of any kind (other than as may be required by law, and even that must be covered by an Ordinance and Law provision in your policy).



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PostPosted: Mon Jul 21, 2014 8:25 pm   Post subject: Recoverable Depreciation  

I am trying to figure out how to get my depreciation however I used an unlicensed contractor for some of the work (someone I knew that I was trying to help out by giving him some work). Does the insurance company check on the license status and if so, do they deduct from the depreciation the portion that the unlicensed contractor performed?



My licensed contractor (who did most of the work) is willing to show the total cost of the work on his final paperwork for me, because I do not communicate with the unlicensed guy anymore and I need to show the total cost of the job. I have the receipts for materials, etc. Will that be an issue?


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PostPosted: Tue Jul 22, 2014 3:18 am   Post subject:   

Recoverable depreciation is simply the difference between the Actual Cash Value paid to you initially by the insurance company and the actual cost to replace the damaged property under a Full Replacement Cost provision. You present the final invoice for labor and materials and the insurance company will pay the difference. Doesn't matter if you do the work yourself, have an unlicensed person help, or use a licensed contractor.



What you cannot do is charge an excessive labor rate for the work you do yourself. If the insurer believes the reasonable labor is $1000, that's what they will pay. Remember, a licensed, experienced contractor can probably get the work done faster than an inexperienced person, and that's what the insurance company takes into account.



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PostPosted: Sun Oct 19, 2014 12:27 pm   Post subject: depreciation  

can my contractor collect my depreciation after he has already been paidin full?


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PostPosted: Tue Oct 28, 2014 1:53 am   Post subject:   

Quote:
can my contractor collect my depreciation
NO. Your contractor has no contract with your insurance company, and cannot collect $0.01 from your insurance company unless you assign the claim to him. Hopefully, you did not do this.


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PostPosted: Thu Dec 04, 2014 4:30 pm   Post subject: Recover depreciation on upgrade or change?  

We are working a claim. The Insurance company has declared ACV on a kitchen floor and wallpaper to be replaced; we have recoverable depreciation on both since the policy is replacement value. If I elect to install a more expensive floor than the replacement (thus not exactly replacing it) or I elect to have walls prepped and painted instead of wallpapered, and assuming I spend more than the depreciation allowance, can I recover up to the depreciation allowance even though I did not do an exact replacement?



Example: Their recoverable estimate for flooring is $1.92 per square foot and they have given an ACV under a dollar. If I spend $10 a square foot to upgrade the floor, can I recover up to the $1.92?



Their recoverable estimate for wallpaper is $4000 and the ACV is $900. If I have the walls prepped and painted instead and the cost is $3000, can I recover the additional $2100 ($3000-900)?



The second example seems like it could be negotiated?

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PostPosted: Thu Dec 04, 2014 9:19 pm   Post subject:   

Quote:
can I recover up to the depreciation allowance even though I did not do an exact replacement?




If it costs more, yes.


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PostPosted: Fri Dec 05, 2014 5:01 am   Post subject:   

I'm not sure I'm following you on this. House #1 is total loss and you have been paid accordingly? You cannot purchase a different property and claim recoverable depreciation.



What you can do is rebuild to "like kind and quality" and if the new construction costs more than the Actual Cash Value you have been paid, then you can ask for Replacement Cost instead -- if Replacement Cost is included in your policy.



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PostPosted: Sun Jun 11, 2017 12:11 pm   Post subject: acv check  

I've filed a claim to repair roof.contractors in process of making repairs..check was issued to me & mortgage co.(acv) when work is completed and papers are filed.who keeps the acv check?


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PostPosted: Tue Feb 19, 2019 1:29 pm   Post subject:   

With proper documentation & reciepts for replaced items, will I still be able to collect the recoverable dep on claim even if it exceeds policy limit stated on dec page?


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