You Can't. When we buy home owners insurance we basically have two options for the coverage type.
1. RCV, Replacement Value
2. ACV, or depreciated Value
If you purchased an RCV ( replacement ) policy then the company will pay the amount needed to either repair or replace the property within the policy limits you purchased..
If you purchased an ACV (depreciated Value) policy then they will pay the amount needed to repair the property or they will pay you the depreciated cash value of the property if not repairable whichever is less and within policy limits.
If there are two owners then each has the right to claim half unless the owners have entered into some other agreement in writing.If there are two owners then each has the right to claim half unless the owners have entered into some other agreement in writing.If there are two owners then each has the right to claim half unless the owners have entered into some other agreement in writing.If there are two owners then each has the right to claim half unless the owners have entered into some other agreement in writing.
No.
Yes. You claim income that you receive in addition to expenses like repairs, insurance, property taxes, depreciation, etc. This is the case with me assuming that you are the owner of property that you rent to others and not rental property where you are the tenant.
When cash is received from sales, owners' equity increases because it reflects the company's revenue from its operations. This revenue contributes to net income, which ultimately increases retained earnings, a component of owners' equity. As a result, the overall financial position of the business improves, enhancing the owners' claim on the assets.
Possibly. It depends on your basis, how much depreciation you have claimed, whether the loan is recourse or non-recourse, and whether the bank is canceling the unrecovered balance of the loan. A foreclosure is treated as if you sold the property to the bank. On a recourse note, it is treated as if you sold the property for the fair market value at the time of foreclosure. On a non-recourse note, it is treated as if you sold it for the balance of the loan. (I am assuming the loan balance is more than the value of the property, otherwise you would have just sold the property and paid off the loan, right?) On a recourse note, if the bank decides not to pursue a deficiency judgment against you, then the cancelled debt (the difference between the FMV and the balance due) is taxable ordinary income (unless you meet the insolvency or bankruptcy exceptions). You'll also need to recapture depreciation, just like on an ordinary sale. Unlike a homeowner whose personal home is foreclosed upon, you will be able to claim a capital loss.
Recoverable altho you were foolish not to have "replacement cost". Then you are covered at 100%
The non-recoverable portion of a claim is that part of the claim the insurer will not pay because it is not covered under your insurance policy. There would be no point in filing a claim on that which is not insured.
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.
Depreciation is determined by the policy and not the "insurance laws" If your policy has "replacement cost" benefit, there is no depreciation taken at the time of a claim. If your policy has "actual cash value" benefit, there is depreciation taken off your settlement at the time of a claim.
If there is recoverable depreciation involved in the claim then when you send your adjuster the invoice showing the amount for repairs was less, they will subtract the difference between the adjusters check, and the amount of your invoice, from the recoverable depreciation amount. Lets say your adjuster estimate the repairs to be $1,000 RCV and they with held $500 in depreciation. So they cut you a check for $500 with the remaining $500 withheld in recoverable depreciation. If you show them that you completed the repairs for less than $500 then they will not return any of the other $500 they withheld for depreciation as you got the repairs completed for less. If you showed then you got the repairs completed for say $800 then they would release $300 of the $500 they were holding and keep the remaining $200. If you showed them the repairs cost the full $1,000 they estimated for the will release the full $500 they were withholding in depreciation. If there is not recoverable depreciation withheld then forgot everything you just read and keep the change.
Recoverable depreciation refers to the portion of a property's value that an insurance policy will pay after an insured loss, accounting for the depreciation that occurs over time. In an insurance claim, it represents the difference between the actual cash value (ACV) paid initially and the replacement cost of the damaged property. Policyholders can reclaim this amount once they repair or replace the damaged items, effectively allowing them to receive the full replacement cost. This aspect of coverage varies by policy, so it's essential to understand the specific terms of one's insurance agreement.
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.
No, An auto theft or vandalism would have to be covered by the vehicle owners comprehensive auto insurance policy. that's what Auto Insurance is for.
There is no agree or disagree with the policy. The policy and the application together make up a legal contract. I don't know what you are really talking about but any part of the contract are not really negotiable. Amounts that you are paid for a claim may have a little negotiation as to the value of damaged property.
no. you are being reimbursed for your loss.
If i go out of town and live the water running from the sink would mu homeowners cover the claim
Yes