How do i determine depreciation on items stollen from my house, when doing an insurance claim.?
I have filed a claim near the insurance company, i know that they will give me their depreciation value on my items. But, is in attendance a standard (something like kelley blue book) that the company follows?
Answers:
Depreciation is largely based on age, use and condition. Generally, an adjuster will use a percentage or the age. Some insurance companies produce tables that push for an adjuster on what depreciation to use.
Think of it this way - You have a brand investigational frying pan that was stolen. You purchased it one week ago, and haven't used it. This item will own a very, very low depreciation.
On the other mitt, your neighbor purchased the same frying pan at one and the same time and paid the same price for it. But, your neighbor's kid melt crayons in it, beat it next to a hammer and spray painted it. This item will have a big depreciation.
Generally (and this is highly subjective) depreciation ranges between 20-40% of the replacement cost. If the item is terribly dated, obsolete (obsolescence brings in another issue), you maye see a slightly complex depreciation. I've rarely depreciated items over 60%. Source(s): Insurance Adjuster
There is a standard - they pay for access to software. It's not something you can "double check".
Generally, there are some things that don't depreciate - resembling food, cleaning supplies, toiletries. Then, some things depreciate really fast - like clothing fully depreciates surrounded by three years, high end electronics surrounded by the same time period. Televisions, within 10 years. Jewelry, not at all.
You don't HAVE to determine the depreciated value, though. You of late list the cost new, and the age, and the insurance company will make a contribution you the depreciation amount for each one.
If you have replacement cost coverage on your policy, as you replace items, the insurance company will make available you the difference between depreciated value and replacement value.
Jerrod W, Home insurance is actually extremely flexible. I don't understand all the fine print of my policy, but my homeowners insurance agent is other helpful. Try visting your agent or a agent in your town. http://www.usinsuranceadvisor.com/Home-Insurance.html They should know how to assist you.
You should have have replacement cost. Change your policy ASAP.
Related Questions:
Answers:
Depreciation is largely based on age, use and condition. Generally, an adjuster will use a percentage or the age. Some insurance companies produce tables that push for an adjuster on what depreciation to use.
Think of it this way - You have a brand investigational frying pan that was stolen. You purchased it one week ago, and haven't used it. This item will own a very, very low depreciation.
On the other mitt, your neighbor purchased the same frying pan at one and the same time and paid the same price for it. But, your neighbor's kid melt crayons in it, beat it next to a hammer and spray painted it. This item will have a big depreciation.
Generally (and this is highly subjective) depreciation ranges between 20-40% of the replacement cost. If the item is terribly dated, obsolete (obsolescence brings in another issue), you maye see a slightly complex depreciation. I've rarely depreciated items over 60%. Source(s): Insurance Adjuster
There is a standard - they pay for access to software. It's not something you can "double check".
Generally, there are some things that don't depreciate - resembling food, cleaning supplies, toiletries. Then, some things depreciate really fast - like clothing fully depreciates surrounded by three years, high end electronics surrounded by the same time period. Televisions, within 10 years. Jewelry, not at all.
You don't HAVE to determine the depreciated value, though. You of late list the cost new, and the age, and the insurance company will make a contribution you the depreciation amount for each one.
If you have replacement cost coverage on your policy, as you replace items, the insurance company will make available you the difference between depreciated value and replacement value.
Jerrod W, Home insurance is actually extremely flexible. I don't understand all the fine print of my policy, but my homeowners insurance agent is other helpful. Try visting your agent or a agent in your town. http://www.usinsuranceadvisor.com/Home-Insurance.html They should know how to assist you.
You should have have replacement cost. Change your policy ASAP.
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