We're all in this together.
Friends,
This is just a friendly reminder for any of you that experienced a property damage claim with Hurricane Michael on October 10, 2018. Your claim may have included one or more items for which the insurance company withheld depreciation and paid you based on “actual cash value” or ACV. This is most commonly found with roof repairs and roof replacements but ACV and depreciation can be applied to any exterior or interior damage estimate.
Ex: The insurance company writes a replacement cost estimate for a new roof at $10,000. But on the date of loss, your roof was 12 years old and only in “fair” condition. The insurance company issues an ACV payment for $4000 and withholds the other $6000 - “recoverable depreciation.” But ... you have a replacement cost policy and you are entitled to the full $10,000 upon installation of the new roof. You get the roof replaced and you submit to the insurance company a statement of completion from the roofing contractor. The insurance company issues a second check in the amount of $6000. Simple.
But here’s the kicker: As a general rule and for any items for which there is recoverable depreciation, the insured must complete the repairs within two years of the date of loss or forfeit these extra monies. IF YOU HAD A HURRICANE MICHAEL CLAIM, THERE IS RECOVERABLE DEPRECIATION SITTING THERE ON YOUR ESTIMATE, AND YOU WAIT UNTIL AFTER OCTOBER 9, 2020, THOSE MONIES ARE NO LONGER RECOVERABLE. Time is of the essence.
Maybe you have other friends, neighbors, coworkers, or family members who sustained damage to their home or business after the hurricane. If so, you may feel inclined to pass along this information.
Please let us know if you have questions or need assistance with your insurance. We are more than happy to help you.
Be safe and have a great weekend.
Happy Friday! We hope everyone has a safe and happy weekend!
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