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There is no agree or disagree with the policy. The policy and the application together make up a legal contract. I don't know what you are really talking about but any part of the contract are not really negotiable. Amounts that you are paid for a claim may have a little negotiation as to the value of damaged property.
What else can I help you with?
What is non recoverable depreciation?
It is the depreciation amount that is not covered by the policy. Polices that are based on ACV (Actual Value), rather than RC (Replacement Cost) do not cover value lost due to depreciation.
Is depreciation on carpet pad recoverable or non-recoverable for insurance claim purposes?
Recoverable altho you were foolish not to have "replacement cost". Then you are covered at 100%
What is non-recoverable depreciation?
Non-Recoverable depreciation is depreciation that is not recoverable, that is the obvious answer. In most states a standard Replacement Cost Policy will pay an insured for the replacement cost minus deprecation. As long as you replace the item within a specified amount of time which is typically anywhere from 90 days to a year, you will be able to recover the amount that was depreciated. In a Actual Cash Value type policy this depreciation is NOT recoverable. It is very important to know what type of policy you have before you need it!
If you are able to get your house reroofed for less than the actual cash value are you still intitled to the recoverable depreciation?
You will only get paid the depreciation up to what you were actually charged. If you got it done for less than what they were going to give you, then the recoverable depreciation will be less also.
What is a reasonable percentage rate for recoverable depreciation?
Recoverable depreciation is money that an insurance company holds until it receives that damaged property for which a claim has been filed has been repaired. It is determined by an adjuster, and not usually expressed as a percentage.
Can i get the held recoverable depreciation check if my repairs are less than insurance quote?
yes
If your adjusters check is more than the repair cost what do you do?
If there is recoverable depreciation involved in the claim then when you send your adjuster the invoice showing the amount for repairs was less, they will subtract the difference between the adjusters check, and the amount of your invoice, from the recoverable depreciation amount. Lets say your adjuster estimate the repairs to be $1,000 RCV and they with held $500 in depreciation. So they cut you a check for $500 with the remaining $500 withheld in recoverable depreciation. If you show them that you completed the repairs for less than $500 then they will not return any of the other $500 they withheld for depreciation as you got the repairs completed for less. If you showed then you got the repairs completed for say $800 then they would release $300 of the $500 they were holding and keep the remaining $200. If you showed them the repairs cost the full $1,000 they estimated for the will release the full $500 they were withholding in depreciation. If there is not recoverable depreciation withheld then forgot everything you just read and keep the change.
What is the value after depreciation of carpet damaged by water?
The insurance company uses a depreciation calculator, which deducts replaceable value determined by the age of the carpet. If you have a "recoverable" depreciation you will have to first spend the money for the carpet, then submit documentation (invoices and receipt) to have the remaining amount sent to you
Can you do a supplement claim if what the insurance gave was not enough after they took out non recoverable depreciation?
The non-recoverable portion of a claim is that part of the claim the insurer will not pay because it is not covered under your insurance policy. There would be no point in filing a claim on that which is not insured.
What is the differences between impairment and depreciation?
Depreciation means the depreciable amount of an asset (cost/revalued amount less residual value) is allocated on a systematic basis over its useful life.Depreciation = Depreciable amount / Useful lifeImpairment means when an asset/s carrying amount is exceeds its recoverable amount, the amount over recoverable amount should be write off from carrying amount and present in Balance Sheet. This process is call as ImpairmentAn impairment (loss) is the amount by which the carrying amount (i.e. balance sheet value) of an asset or cash-generating unit exceeds its recoverable amount.Impairment = Carrying value - Recoverable amountIf there is any indication that an asset may be impaired, the entity should estimate its recoverable amount. If the recoverable amount is less than the carrying amount, the carrying amount of the asset should be reduced to the recoverable amount.
Can you explain recoverable depreciation after a fire?
I haven't any idea about the recoverability of the fire but I know a site named halon.us which buy damaged extnguishers from other.
Are driveways non recoverable depreciation?
Just depends on the policy type, language and exclusions on your policy. Your Insurance Agent will be the best source for answers to coverage questions on your policy.
