Enter your insurance query here and get free advice from ins

by ashford_j » Tue Sep 14, 2010 08:35 pm

Hi,
My home was recently assessed for Wind and Hail damage by a licensed Insurance Appraiser/Adjuster and determined to have such damage. I recently received a letter accompanyied with a check for 'X' amount. The letter reads "Enclosed please find the estimate of repairs prepared by ('X' Company) in the total amount of (let's just say $10,000 for privacy purposes). Recoverable depreciation in the amount of (let's just say $4,000 for privacy purposes) is applied along with the policy deductible of $1000 (privacy purposes) for an actual cash value payment of $5,000. A check in the same amount of $5000 will be mailed directly to you from our office."

MY QUESTIONS ARE AS FOLLOWS:
1)Why does it appear that I am not coming out favorable with this issue?

2)Shouldn't 'Recoverable Depreciation' work to my benefit and not the insurance company?

3)If in fact I am on the losing end of this based on what you've read....is this right?

FYI...the current homeowners policy is considered to be a 'H03' policy.
A check

Total Comments: 1

Posted: Tue Sep 14, 2010 08:58 pm Post Subject:

1) Don't know

2) You have replacement cost but only for repairs that are done. So you have the work done, submit the confirmation and you will be paid the difference.

3) Not that I see. See #2.

Add your comment

Image CAPTCHA
Enter the characters shown in the image.