please tell me about depreciation (more than 180 days and le

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Posted: Tue Jun 30, 2009 6:59 am Post subject: please tell me about depreciation (more than 180 days and le

please tell me answer of my question thanks

roshaniagrawal2009

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Joined: 30 Jun 2009
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Posted: Thu Jul 02, 2009 11:15 am Post subject:

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please tell me answer of my question thanks

roshaniagrawal2009,

Please ask one...and be specific please
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Lori

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Posted: Fri Jul 03, 2009 4:02 am Post subject:

My guess is that you are inquiring about collecting the replacement cost balance of your settlement before the 180 day policy requirement to notify completion of repairs or to present additional costs that may have been higher or hidden on the adjuster initial estimate of repairs on which a settlement was presented. If you have 4000 dollars in damages and a 1000 deductible, you have actual cash value of the loss of 2000 where a roof may have been depreciatied for half of the life of the roof. You would receive a check for 1000 dollars and if you complete repairs within 180 days and replace as per settlement, you would be entitled to recover the depreciation held from your settlement of the addtitional 2000. Homeowners' policies that I have read have this stipulation, but I am also told that it is routinely waived if you have a valid reason such as a contractor could not be hired within the time limit because of a contractor shortage and the losses were wide spread. A contractor could simply not be hired in the 180 day limit to complete the project. You should notify in advance any delays so that the documentation can be noted in your claim file. _________________ Register Now to have your Insurance queries solved.