What is Recoverable Depreciation on an Insurance Claim?

Understanding Your Insurance Policy Contract

Recoverable depreciation is an important concept in the insurance industry. If you’re in the process of making an insurance claim, then it’s important you understand how recoverable depreciation works. You may already know about depreciation. Depreciation is the method of allocating the cost of an asset over the course of its useful lifetime. When you […]

Everything You Need to Know About Overhead & Profit (O&P) in a Property Insurance Claim

Calculating Insurance Claim Value

Overhead and profit, or O&P, is an insurance term typically seen in property insurance claim cases. But what is overhead and profit? How does it relate to your claim? Today, we’re explaining everything you need to know about overhead and profit as it pertains to your property insurance claim. What is Overhead and Profit? If […]

Understanding Water Damage Insurance Coverage And Claims

Flood Water Damage To Homes

Water damage is the second largest type of insurance claim. According to the International Standards Organization (ISO), the percentage of water damage claims is increasing. People have many questions about what a home insurance policy covers and why ‘gradual damage’ is not covered. Exceptions in an insurance policy for water related damages make the topic […]

Texas Blue Tarp Bill Negatively Affects Policy Holders

Blue Tarp Bill

Texas insurance companies scored a huge win earlier this year by lobbying the Texas Congressional and Senate members to pass House Bill 1774 and Senate Bill 10. By doing so, the worst of the worst of slow and underpaying insurance companies will now have the legal ability to create a wider spread between the actual […]

The Best Water Damage Insurance Claims Tips

Flooding Water Damage Hurricane

Water and flooding cause more damage than any other cause of loss on insurance claims. Furthermore, insurance claims for water damage are the most complicated when it comes to determining if coverage applies or the amount that’s covered. Almost every insurance policy excludes certain types of water damage. There may be exclusions such as “wind-driven […]

What Is A Coinsurance Clause In A Home Insurance Policy?

Looking At Home Insurance Policy Coinsurance Clause

A coinsurance clause is an extremely important part of your home insurance policy. But unfortunately, many homeowners still don’t understand how coinsurance clauses work or what they mean. Today, we’re helping you solve that problem by explaining everything you need to know about coinsurance clauses in home insurance policies. Most Property Insurance Policies Contain Coinsurance […]

Actual Cash Value Versus Recoverable Cash Value Definitions: Everything You Need to Know

Insurance Claims Cash Value

Insurance policies have two different definitions of value: Actual Cash Value (ACV) and Recoverable Cash Value (RCV). These two definitions will play a significant role in your insurance claim. Today, we’re explaining the difference between these two definitions – and how those differences could affect you. The Difference is Whether or Not Depreciation is Covered […]