What's the deductible? How does it work?
Updated: Jul 18
The #Depreciation is the amount that the insurance company deducts from the claim and holds back until the repairs are completed (Replacement cost value vs. Actual Cash Value)
Then, if your policy has the replacement cost provision, you must show receipts and photos of the repairs to recover the depreciation.
It is important to make sure the insurance does not deduct a big amount. This can be a problem, leaving you with very little money to do the repairs.
That’s why it is important to have someone such as a Public Adjuster representing you in the claim. We watch out for things like too much depreciation and we have made relationships with the insurance adjusters from years of working in the industry which can benefit the property owner.