There’s more than one way to get reimbursement for damaged property. One of those ways? Recoverable depreciation. You might have heard this term thrown around before when talking about insurance, and we’re here today to help you become more familiar with this aspect of recovery. Find out what recoverable depreciation means and how it can work in your favor the next time you file a damage claim. Altieri Insurance Consultants Tampa is here to help you get the correct amount with an experienced team of dedicated public adjusters near you!
Recoverable Depreciation Explained
When you take the difference between your property’s replacement cost value (RCV) and its actual cash value (ACV), you have what is called recoverable depreciation. Essentially, recoverable depreciation puts a number on the value your property has lost over time from wear and tear or obvious neglect. Some insurance policies in Tampa will cover this difference, and it pays to know if this type of coverage will benefit you in your time of crisis.
Read more > Policy Types Explained: Replacement Costs vs Actual Cash Value
Claiming Your Recoverable Depreciation: How It Works
Does your insurance policy include replacement cost value? That means you’ll be able to receive a payout based on your Tampa property’s recoverable depreciation. However, there are a few steps to follow (and possible discrepancies to consider) before you can see that check.
First, you’ll need proof of the cost of your replacement. After your property has been taken care of, whether it needs a repair or a full replacement, make sure to hang onto your receipt or invoice! You will need this to receive your reimbursement, and insurance companies have been known to deny claims without it. Of course, there’s a lot more to it than that, depending on each case.
Worried about not getting the right amount? Knowledge is always useful when filing a property damage claim in Tampa! Read our guide to learn more about what recoverable depreciation means in a home insurance claim so you’re better prepared for a fair reimbursement.
| What Determines My Property’s Recoverable Depreciation?
Overall Condition The Scope of Damage Age (Years/Months) Expected Lifespan Current Market Value |
Your Step-By-Step Guide to Recoverable Depreciation
Filing a claim for recoverable depreciation can be simplified into a few easy steps, with some room for minor conflicts along the way. Knowing the basics of filing a damage claim in Tampa is a good start to avoiding mishaps.
Let’s walk you through how to receive recoverable depreciation for your property damage claim:
- Have your property damage assessed by a professional
- Arrange for the needed repairs or replacements
- Calculate your recoverable depreciation amount
- Submit your receipt or invoice as proof of loss in your claim
- Receive a fair amount of compensation
Some extra homework that’ll help you out the next time you file an insurance claim is fully understanding your policy down to the specific details. This is why public adjusters in Tampa, like those at Altieri Insurance Consultants, offer policy reviews to break it down for you in a way that’s easier to comprehend.
What Else Should You Know About Claiming Recoverable Depreciation?
Say you’ve done everything right, but you still don’t receive the reimbursement amount that you should have gotten. How is this possible? Insurance companies shape their policies to their discretion, meaning that there might be some other factors at play that can affect your payout. These factors might include your deductible amount or any downtime between the time of loss and when you file your claim.
Altieri Insurance Consultants Tampa Is the Partner Property Owners Rely On. Call Us Today!
Make sure you get what you are owed when you reach out to Altieri Insurance Consultants Tampa for a reliable team of public adjusters you can trust. We’ll help you navigate recoverable depreciation so you can get your life back! Call (813) 247-4757 for a consultation.
