0
Does the actual cost of the material have to be what the insurance company estimates to recover the depreciation?
Wiki User
∙ 12y ago
No. The Insurance company determines the amount whether depreciated or otherwise they will pay based on the policy you purchased.
If your able to find it cheaper, that's no problem.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
How do I Collect the depreciation from Homeowners insurance claim?
If you want to collect the depreciation your insurance company withheld from your claim payment you must make the repairs to your home. After you make the repairs contact your insurance company and they should issue a check for the depreciation.
What are the steps to get an insurance estimate to repair a car?
First, call your insurance company to confirm what their protocol is. You will either need to get a few estimates from auto body repair shops, an insurance adjuster will estimate your damages or both. Once you have the proper estimates, you can submit the bill to your insurance company.
Do you have a good insurance company?
Allstate auto insurance quotes and anonymous ballpark estimates to help protect you, your family and your automobile. Insurance and financial productsAllstate auto insurance quotes and anonymous ballpark estimates to help protect you, your family and your automobile. Insurance and financial products
What is the value after depreciation of carpet damaged by water?
The insurance company uses a depreciation calculator, which deducts replaceable value determined by the age of the carpet. If you have a "recoverable" depreciation you will have to first spend the money for the carpet, then submit documentation (invoices and receipt) to have the remaining amount sent to you
Why is it important for a hospital to pay attention to depreciation more than a computer software company?
It is more important for a hospital to pay attention to depreciation than a computer software company for a couple of reasons. The first reason is patient care. The second reason a hospital needs to pay attention to depreciation is the insurance company payment to the hospital is oftentimes much less than a private pay.
Which companies offer home insurance estimates?
There are many companies, which offer home insurance estimates. Some of them include the following: Aviva, GEICO, Esurance and Allstate. Alternatively, one can go to a local company and ask for a quote.
Does depreciation apply under a reinstatement condition of a fire policy?
Each insurance company is different and its possible they do. Call your agent or broker to get a better answer.
What is a reasonable percentage rate for recoverable depreciation?
Recoverable depreciation is money that an insurance company holds until it receives that damaged property for which a claim has been filed has been repaired. It is determined by an adjuster, and not usually expressed as a percentage.
Can a property damage insurance company re-inspect your premises after their adjuster has done a complete inspection with damage estimates?
Sure.
How do you write a journal entry for a stolen company vehicle and insurance payment?
Assuming you receive cash from the insurance company, rather than a replacement vehicle: Credit the Fixed asset account for the vehicle at cost. Debit the Accumulated depreciation account for all depreciation recorded on the asset Debit Cash for the amount of cash received. If the difference between these accounts is a credit, then credit Gain on insurance proceeds from casualty loss. If it's a debit, then debit Loss on insurance proceeds from casualty loss.
Will an insurance company pay out a dwelling claim if you decide not to rebuild?
Yes, but generally at Actual cash value (either market value or replacement cost minus depreciation) instead of replacement cost. However, the insurance company will generally pay to reconstruct at another location.
What is the advantage of accelerated depreciation?
Accelerated depreciation allows a company to take a higher upfront depreciation expense. Higher depreciation means a lower profit, and lower taxes to pay.
