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The Watercooler
So Janet and me was discussing running away to Las Vegas and then.....
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<blockquote data-quote="nvts" data-source="post: 369453" data-attributes="member: 3814"><p>Hey Starbie! Depreciation is taken off most things on your insurance policy because of the age of the object/building part. Most agents set up your policies nowadays to have "Replacement Cost Coverage" so that depreciation isn't applied to your building or personal property. </p><p> </p><p>For example: your roof is damaged in a major windstorm. Your roof is 15 years old. Water flows through the hole in the roof and trashes your 10 year old mattress and 15 year old furniture. On a replacement cost policy, they'd fix the hole in the roof and get you a new bed and furniture. Take off the deductible and you're done. Case closed. </p><p> </p><p>On a non-replacement cost policy, they may or may not fix the roof (depending on whether or not you have the HO3 policy or not) AND they wouldn't give you anything for the bed because the average life of a bed is about 10 years. The furniture is iffy due to whether or not it's fancy expensive furniture (like a $1000.00 dresser/armoire set or a Walmart special - which is what I invest in for the demons). You may or may not get $100. bucks for the expensive furniture BUT you've most likely got a $500.00 deductible.</p><p> </p><p>Nice, huh?</p><p> </p><p>Take a look at your homeowners policy declarations page. There should be a section that lists out a bunch of form numbers that read something like "HO3, RV829, RV839 etc.". These are your "endorsements" which tells you what types of coverage you have. If you want, send me the list of endorsements and I'll check around to see what kind o' coverage you have.</p><p> </p><p>Talk to you soon lady! <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite8" alt=":D" title="Big Grin :D" loading="lazy" data-shortname=":D" /></p><p> </p><p>Beth</p></blockquote><p></p>
[QUOTE="nvts, post: 369453, member: 3814"] Hey Starbie! Depreciation is taken off most things on your insurance policy because of the age of the object/building part. Most agents set up your policies nowadays to have "Replacement Cost Coverage" so that depreciation isn't applied to your building or personal property. For example: your roof is damaged in a major windstorm. Your roof is 15 years old. Water flows through the hole in the roof and trashes your 10 year old mattress and 15 year old furniture. On a replacement cost policy, they'd fix the hole in the roof and get you a new bed and furniture. Take off the deductible and you're done. Case closed. On a non-replacement cost policy, they may or may not fix the roof (depending on whether or not you have the HO3 policy or not) AND they wouldn't give you anything for the bed because the average life of a bed is about 10 years. The furniture is iffy due to whether or not it's fancy expensive furniture (like a $1000.00 dresser/armoire set or a Walmart special - which is what I invest in for the demons). You may or may not get $100. bucks for the expensive furniture BUT you've most likely got a $500.00 deductible. Nice, huh? Take a look at your homeowners policy declarations page. There should be a section that lists out a bunch of form numbers that read something like "HO3, RV829, RV839 etc.". These are your "endorsements" which tells you what types of coverage you have. If you want, send me the list of endorsements and I'll check around to see what kind o' coverage you have. Talk to you soon lady! :happy: Beth [/QUOTE]
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So Janet and me was discussing running away to Las Vegas and then.....
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