How to Recover Depreciation

If you’ve recently filed a claim with your insurance company following a disaster, theft, or property damage, it’s possible to recover more than you’re expecting thanks to property depreciation. Many home insurance policies include a depreciation recovery clause, but without the proper information or filing experience, it can be difficult to receive the full amount you’re entitled to. If you’re hoping to receive every dollar you deserve, understanding the depreciation basics and knowing your claim options is essential.

What is Property Depreciation & Why is it Important?

Let’s say you bought a new 70” TV worth $1,000 three years ago. Due to property depreciation, every year the ACV (adjusted cash value) of the TV decreases by $100. After three years when you file your claim, the insurance company only reimburses $700 for the TV. While the insurance company says the TV is only worth $700 because of depreciation, the store is still charging $1,000 for that same model. Essentially, you’re out $300 and it may seem like there’s nothing you can do about it. 

Instead of simply accepting the lower payment and replacing your TV with a lower quality one, thanks to the depreciation recovery clause, you can submit a recovery claim for the difference in lost value following the replacement of the item. Aside from the deductible expense, recovering adequate depreciation from losses allows you to replace your items in full. 

Receive the Recovery You Deserve With Professional Assistance

The process for recovering your depreciation losses can become a complex filing situation. The insurance companies hope that you’ll overlook the details and file them incorrectly. It’s in their best interest if you struggle through the filing process or overlook the depreciation recovery clause entirely. Instead of trying to manage the complexities of insurance claims alone, partnering with a public adjuster in PA is an easy way to ensure filing accuracy. 

Our public insurance adjusters advocate for your well-being every step of the filing process. We take the time to evaluate the fine print in your policy, organize and itemize all receipts, handle every aspect of the filing documentation, and ensure that every detail is double-checked with professional expertise. Our agents communicate and negotiate directly with the insurance companies on your behalf, and hope to simplify the process with streamlined simplicity. 

Achieve Higher Reimbursements & Approved Claims

We’re in the business of accurate filing and help our clients receive more than they thought was possible. We know exactly what the insurance agencies are looking for, and create bulletproof claims that insurance companies can’t deny. We’ll educate you throughout the entire process, help you identify the true values of items being claimed, and do all of the paperwork so you don’t have to. 

If you’re struggling with the insurance agencies or need help with your claim, don’t hesitate to get in touch with our experienced adjusters to learn how we can increase your reimbursements and simplify your life!  

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