If we have hail damage to our house and the insurance company holds back the depreciation, when everything is fixed do we then get the depreciation $?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Sep 5, 2012

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Insurance Question from Saint Joseph, MN

Asked on 09/05/2012

If we have hail damage to our house and the insurance company holds back the depreciation, when everything is fixed do we then get the depreciation $? NULL

Answer given on September 09, 2012

Homeowner claims are settled differently by insurance companies. However, most policies that include replacement cost coverage on the home will pay the depreciated amount of the loss. After the repairs are made to the home the insurance company will make sure the repairs were done and done correctly. They will then pay the difference betwween the depreciated amount and the replacement cost determined at the time of loss.You do need to be sure your policy does not depreciate for roof damage or other damages due to the age of the roof or other parts of the home. Discuss the coverage with the adjuster to be sure you understand how the loss will be settled when everything is completed. If there will be depreciation taken the adjuster should tell you about this during the discussion of the settlment of the claim. Ask him directly about depreciation if he does not explain it to you.

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