Dealing with insurance companies can be tricky. Sometimes, they factor in depreciation when assessing your claim. Depreciation means they deduct money for the age and condition of the damaged item. You might need to request a depreciation breakdown. This helps you understand the deductions.
Writing this letter can feel overwhelming. Don’t worry! We’ve got you covered. We will provide you with sample letters. These samples will guide you.
Our goal is to make it easier. We offer various templates. You can adapt them to your specific situation. Let’s get started!
Sample Letter To Insurance Company Requesting Depreciation
[Your Name]
[Your Address]
[Your Phone Number]
[Your Email Address]
[Date]
[Insurance Company Name]
[Insurance Company Address]
Subject: Claim Number [Your Claim Number] – Request for Depreciation Schedule
Dear [Claims Adjuster Name or To Whom It May Concern],
I am writing regarding claim number [Your Claim Number], which was filed on [Date of Claim] due to [Brief Description of Incident].
I understand that depreciation was applied to certain items listed in my claim settlement. To fully understand the settlement, I respectfully request a detailed depreciation schedule.
This schedule should include the following information for each depreciated item:
* Item Description
* Original Purchase Date (if known)
* Original Purchase Price (if known)
* Depreciation Rate Applied
* Depreciated Value
* Replacement Cost Value
Having this detailed breakdown will allow me to accurately assess the settlement and ensure that all aspects of the claim are being handled fairly.
Thank you for your time and attention to this matter. I look forward to receiving the depreciation schedule at your earliest convenience.
Sincerely,
[Your Signature]
[Your Typed Name]
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How to Write Letter To Insurance Company Requesting Depreciation
Subject Line: Capturing Attention
The subject line is your initial foray, so make it count. Rather than a generic “Depreciation Request,” try something more specific and compelling.
- Example: “Policy [Your Policy Number] – Request for Reconsideration of Depreciation Holdback”
- Key takeaway: Be precise and include your policy number for expeditious processing.
Salutation: Establishing Rapport
Address the adjuster by name if you have it. A personalized salutation demonstrates diligence and respect.
- Preferred: “Dear Mr./Ms. [Adjuster’s Last Name],”
- Alternative: “Dear Claims Adjuster,” if the name is unknown.
- Important: Never use overly casual greetings. Professionalism is paramount.
Introduction: Setting the Stage
Clearly state your intent in the opening paragraph. Conciseness is key; articulate the purpose of your missive without circumlocution.
- State: “I am writing to request a reevaluation of the depreciation withheld from claim [Claim Number] following the incident on [Date of Incident].”
- Include: A brief reference to the covered loss, such as “damage to my roof caused by windstorm.”
- Avoid: Emotional appeals or subjective assessments. Stick to factual details.
Body Paragraph 1: Detailing the Replacement
Provide a meticulous account of the replacement or repair. This is where you substantiate your claim for depreciation reimbursement.
- Specify: “The damaged [item] has been meticulously replaced/repaired by [Contractor’s Name] on [Date of Completion].”
- Attach: Copies of invoices, receipts, and any relevant documentation as tangible proof.
- Mention: That the replacement was completed according to industry standards and building codes.
Body Paragraph 2: Articulating the Depreciation Reimbursement Request
Explicitly request the release of the depreciation holdback. Reinforce that the work has been finalized and aligns with policy stipulations.
- State: “As the replacement/repair is now complete, I respectfully request the disbursement of the withheld depreciation funds.”
- Reference: The specific policy clause that pertains to recoverable depreciation, if known.
- Reiterate: The total amount of depreciation held back, for clarity.
Supporting Documentation: Fortifying Your Position
Ensure that all pertinent documents are meticulously organized and included. This bolsters your claim and mitigates potential delays.
- Include: Detailed invoices, contractor’s estimates, before-and-after photographs (if available), and any relevant permits.
- Label: Each document clearly for easy reference. E.g., “Invoice – Contractor X”, “Photographic Evidence – Pre-Repair”.
- Consider: A summary sheet listing all enclosed documents for the adjuster’s convenience.
Closing: A Cordial Conclusion
End the letter with a professional and courteous closing, expressing gratitude and providing contact information.
- Thank: The adjuster for their time and consideration.
- Provide: Your phone number and email address for expedient communication.
- Closing options: “Sincerely,” “Respectfully,” or “Best regards,” followed by your full name and signature.
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Frequently Asked Questions: Requesting Depreciation Information from Your Insurance Company
Understanding depreciation and how it affects your insurance claim can be complex. This FAQ section addresses common inquiries about requesting depreciation information from your insurance company to ensure a more transparent and informed claims process.
1. Why should I request a depreciation schedule from my insurance company?
Requesting a depreciation schedule allows you to understand how the insurance company calculated the depreciated value of your covered losses. This transparency aids in verifying the accuracy of the settlement offer and potentially recovering additional funds if you replace the damaged items.
2. What information should I include in my request letter?
Your request letter should include your policy number, claim number, date of loss, a clear statement requesting the depreciation schedule, and your contact information. Be specific about the items you are inquiring about.
3. How long does the insurance company typically take to respond to such a request?
Response times can vary, but generally, allow the insurance company 15-30 business days to provide the requested depreciation schedule. Follow up if you do not receive a response within this timeframe.
4. What if the provided depreciation schedule seems inaccurate?
If you believe the depreciation schedule is inaccurate, gather supporting documentation such as purchase receipts, appraisals, or expert opinions to support your claim. Present this evidence to the insurance company and request a review of the depreciation calculation.
5. Can I recover the depreciated amount after replacing the damaged property?
Depending on your policy’s terms, particularly if you have a “replacement cost” policy, you may be able to recover the depreciation once you replace the damaged items. Submit proof of replacement to your insurance company to initiate the recovery process.