Florida Public Adjusters

Florida Public Adjusters – Non-recoverable Depreciation and How It Impacts Your Insurance Claims

We are rated the highest in the industry and the top Florida Public Adjusters! Learn more on how to deal with non-recoverable depreciation when going over your claim with your home insurance company. Do you own property in Florida? Have you recently filed a property insurance claim? If so, you are not alone. The combination of the weather and the general issues that constantly arise with property ownership make insurance claims in the state a frequent event.

 

Unfortunately, the insurance claims process is complex, and even those individuals who have carefully researched and purchased appropriate coverage are often taken by surprise when they file a claim and receive a response from their insurance company, especially when it comes to what they receive for their damaged goods. Not every individual has replacement cost coverage – policies differ.
If you file an insurance claim, you will likely be reimbursed for the actual cash value of your damaged goods. This is different from the item’s replacement cost – which is the amount it would take to purchase that item prior to its being damaged. Instead, to determine the actual cost value you would subtract the amount it has depreciated from its replacement costs.

 

Many insurance policies offer replacement cost coverage. If this is the case in your situation, you would be eligible to be reimbursed for the amount your possession has depreciated. Another term for this amount is recoverable depreciation.

 

That being said, in some cases not all depreciation is recoverable. In fact, insurance companies will deem some depreciation non-recoverable, meaning they will not reimburse you for it. Those individuals who have non-recoverable insurance policies should only expect to receive the actual cash value for their damaged items.

An Example

Assume you had a house fire, during which your gas oven, which was purchased five years ago for $1,000, was damaged beyond repair. The useful life of a gas oven is 15 years. Your oven would depreciate approximately 7% each year (actually 6.66 – determined by dividing 100 by its useful life which is 15).  Therefore, your five-year-old oven today is worth approximately $667.  If you have a policy that does not cover depreciation, you would only be reimbursed that amount,  you cannot recover the deprecated amount of $333.

Your Options

Unfortunately, once you have purchased your policy and submitted a claim, it can be challenging to recover unreimbursed depreciation. That said, you may have options depending upon the language in your insurance policy. In situations like this, a public adjuster can be of assistance. Reach out to the best Florida Public Adjusters and rest assured your claim will be dealt with in a quick and professional manner.
These professionals can carefully review your policy and leverage their experience in negotiation with the insurance company to maximize your settlement.  Reimbursement deprecation can be incredibly costly to you. It is well worth your while to reach out to a qualified and experienced public adjuster for assistance with your claim.

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Aaron Skloff
Aaron Skloff
October 30, 2023
Trustindex verifies that the original source of the review is Google.
Stephen was very knowledgeable and sincerely took an interest.
D H
D H
July 28, 2022
Trustindex verifies that the original source of the review is Google.
Florida’s Best Public Adjusters ARE the best. Our adjuster came to the house a few times to scope out the damage from a water leak and he spent quite a bit of time measuring the affected areas. The resulting claim amount was amazing. If we had handled the insurance company ourselves we would have come up way short. We highly recommend and trust Florida’s Best. Thanks Julian!
Erika Clancy
Erika Clancy
May 1, 2022
Trustindex verifies that the original source of the review is Google.
Stephen Lippy was great to work with! Very informative and communicative throughout the process. We were not familiar with the public adjusting process but Steve and his team helped walk us through everything and explained things very thoroughly.
Ken Fraidin
Ken Fraidin
April 8, 2022
Trustindex verifies that the original source of the review is Google.
Julian & Florida's Best Public Adjusters were extremely helpful in getting winning my claim. They were easy to work with, very responsive & made the process very easy. I recommend them highly.
Miriam B. R.
Miriam B. R.
May 6, 2021
Trustindex verifies that the original source of the review is Google.
Stephen Lippy is a professional and experience PA. Stephen is knowledgeable and reliable. He provided personal attention and was always available to answer all questions. Excellent services!
Nekisha Hyman
Nekisha Hyman
May 5, 2021
Trustindex verifies that the original source of the review is Google.
Receive a referral from a friend for this company. I was very pleased with the way they handled my claim and were able to resolve my issues without too much hassle from the insurance company. Their follow through is amazing. The follow up after things are resolved is exceptional.
scott solomon
scott solomon
May 4, 2021
Trustindex verifies that the original source of the review is Google.
The professional service we received made our insurance claim easy.
Ryan Steele
Ryan Steele
March 17, 2021
Trustindex verifies that the original source of the review is Google.
Stephen got my denial reversed….had all to do with his reputation, and not the “luck of the Irish” on this St. Patrick's day! Him and his team are very professional, responsive and caring during the entire ordeal. If they are not on your team, you have chosen poorly.
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