0
Still curious? Ask our experts.
Chat with our AI personalities
Blake
Beau
RafaWhat is recoverable depreciation
Add your answer:
Earn +20 pts
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!
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.
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.
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.
Can i get the held recoverable depreciation check if my repairs are less than insurance quote?
yes
Can you explain non-recoverable depreciation after a fire?
Actual Cash Value. Basically, the depreciated value of your property based (usually) on age & condition. This is why it is so important to ensure you have Replacement Cost Coverage.
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.
Is there non recoverable coal?
Yes, there is non-recoverable coal. When coal resources are inaccessible or too deep to economically mine, or when they are in areas that are off-limits for mining due to environmental or other restrictions, this coal is considered non-recoverable.
Is depreciation expenses a non-cash expense?
is depreciation expense a non-cash expense
What are the reasons for charging depreciation on non current assets?
depreciation non current asseate
