Recoverable Depreciation usually refers to the monies that are held back for repairs in an insurance claim. Most insurance companies hold back the depreciation until proof that the repairs have been completed is received.
We are sending out a friendly reminder that the window of opportunity to recover depreciation on your roof and other hail damage repairs may be coming to a close. The 2014 Hail Storm that hit Colorado Springs and the surrounding areas was on May 21st. The 2014 hail storm that hit Denver was later in the season.
Most insurance companies allow 365 days to complete and invoice for repairs. Travelers and a few others allow 180 days. St Farm and a few others allow 2 years, but will not necessarily adjust for price increases which can cause problems in getting repairs done adequately.
It is critical that you start this process now so that your insurance company receives the final invoices for work completed by the 19th of May. Some insurance companies will allow you to get an extension on your claim. If you determine that you may miss the deadline to recover your depreciation, it is advisable to call and get an extension, in writing if possible.
It would be very helpful for you to find out from your insurance company what their policy is on how Recoverable Depreciation works within your roof claim and to insure that you can collect on your deprecation. Details are usually listed on the claim summary. You can also call your adjuster or claim office directly.
Of course, you can call our office if you know that the deadline to recover your depreciation is coming up. We are happy to assist you with this process with your insurance.