You deserve every last cent that you are owed when filing a property insurance claim, but things don’t always turn out as planned. That’s why we encourage homeowners in Florida to look into programs like recoverable depreciation to collect fully. Your team of trusted public adjusters at Altieri Insurance Consultants Jacksonville is here with insider knowledge of recoverable depreciation so you can receive the correct amount and get your life back!
Recoverable Depreciation 101
If you’re already familiar with GAP insurance for vehicles, understanding the concept behind recoverable depreciation is easy. Recoverable depreciation for property insurance covers the difference between what it costs today to replace the damaged item and the Actual Cash Value (ACV) of that item, which is the result of deductions for wear and tear. Even if you have “Replacement Cost Insurance,” the insurance company only owes you the depreciated value of your loss (ACV) , not the full replacement cost until you perform as required by the insurance policy. This program accounts for the depreciation of your property’s value which can sometimes be neglected when insurers make their calculations and appraisals for a property damage claim.
Failing to notify your insurer in writing of your intent to file a replacement cost claim and to check for recoverable depreciation in your property insurance policy is a common claims submission error next to neglecting to list all damaged property. If you think an item is too small to matter, include it anyway! It will not hurt to present a complete account of items damaged by your event and it could mean more money in your pocket.
Altieri Insurance Consultants is well-versed in getting you the correct amount for your property insurance claim, factoring in every detail that can increase your settlement with the use of recoverable depreciation being just one of many skills that we have to offer! If you feel like you should be getting more out of your settlement, let’s sit down and talk about it!
How to Claim Your Recoverable Depreciation Check
Claiming your extra earnings through recoverable depreciation is best handled by our expert team, but can be simplified in the following steps:
- Include the difference in value when filing your claim.
- Repair or replace the damaged property.
- Show proof of the cost of the replacement item or repairs.
- Receive your recoverable depreciation check!
That’s the gist of how it works, but nabbing that check isn’t always easy. Placing your trust in an expert public adjuster will guarantee that your property insurance claim is handled with meticulous care for a fair outcome. Letting someone else do the hard work and getting more out of your insurance claim? It’s hard to imagine anything better than that.
Things to Keep In Mind
Some small tasks that you can do here and there to help the process go by more smoothly can be boiled down to being prepared and communicating every step of the way. Let your insurer know right away that you plan on claiming your recoverable depreciation check (it is a requirement in your policy to be paid) and be sure to include all related receipts and invoices with proof of payment because they will ask you to prove your expenses. When looking for replacement items, try to find similar options that are the closest in value.
Learn More About Your Reimbursement Options With Altieri Insurance Consultants Jacksonville!
Homeowners can find heroes to come to their aid at Altieri Insurance Consultants Jacksonville! We take care of everything when handling your residential insurance policy including factoring in recoverable depreciation when filing your home insurance claim. With everything you need to receive the correct amount all under one firm, we’re proud to be the partner property owners rely on!
