Home owners fire claim

[deaconpete]

Hello all,

I had a home fire back in February of this year. House is almost complete, but I had a question on personal content depreciation.

So my policy has ACV and depreciation, we already got a sizeable amount for ACV totals, but our depreciation total is close to 23k. We are submitting some receipts to recover depreciation.

My adjuster in passing mentioned that he had a client who they paid around half of the remaining conents depreciation at the end. He mentioned her house was older along with most of her stuff.

My house was 3 years old, and most contents were around that age. Is it possible to recover more than half of my depreciation? How do I negotiate this with my insurance company?

 

[resjudicata]

@deaconpete Do you have personal property replacement cost endorsement and what state are you in?

 

[deaconpete]

@resjudicata Replacement cost. In Michigan.

 

[resjudicata]

@deaconpete

1. So sorry about the fire
2. Take pictures of all receipts and send into adjuster

 

[deaconpete]

@resjudicata Stupid mistake on my part.

I have recovered 400 of the recoverable depreciation.

The issue I have is he mentioned that once receipts are submitted and we are done, if there is remaining recoverable depreciation, we can work out a number. To recover more funds,

So i have 22856 in recoverable depreciation. I have submitted for $800, which he is sending a check for.

The issue is I don't plan on replacing 90% of the things.

I guess I have never heard of recoverable depreciation being able to be paid out at a percentage if you don't use it all

 

[resjudicata]

@deaconpete No idea mate I am sorry. Where I’m at you get RCV on fires regardless

Maybe read your policies loss conditions sections

 

[resjudicata]

@deaconpete Or just straight up tell your adjuster that sounds like he was cool

 

[glaigleman]

@deaconpete Yes. You should go to appraisal on the acv of your items. Insurance companies love to low ball on acv with the hope you won’t repurchase items to recover the rcv (depreciation)