How does renters insurance calculate depreciation

Asked over 1 year ago - Harrison, NY

I have a computer I bought 2 years ago for around $600. It was destroyed in a flood. How much can I expect they will estimate its worth and how do they calculate such things?

Attorney answers (4)

  1. Craig A. Post

    Contributor Level 17

    3

    Lawyers agree

    Answered . Your carrier should disclose the formula used to calculate depreciation. If not, it is pretty standard in the industry. You should be able to get the information on line as this is a regularly asked FAQ. Remember, you don't have to accept the carriers initial offer. Challenge it if you think their number is too low or calculation is not correct. Lastly, there are depreciation calculators all over the internet that may be of some use to you.

    Disclaimer- The information you obtain at our web-site or through postings on such sites as this is not, nor is it... more
  2. Jayson Lutzky

    Pro

    Contributor Level 20

    2

    Lawyers agree

    Answered . Review your insurance contract and ask your insurance broker to explain it to you. As a quick idea you can check ebay or a similar site to see what the unit is going for. It also depends on the type of policy you have and whether it is for replacement cost.

    If this answer is helpful, then please mark the helpful button. If this is the best answer, then please indicate... more
  3. Robert John Murillo

    Contributor Level 20

    3

    Lawyers agree

    Answered . They calculate based on the terms of the insurance agreement. Review that and contact them with questions.

    This answer is for informational purposes only and is not legal advice regarding your question and does not... more
  4. Clayton Harold Walker Jr.

    Pro

    Contributor Level 13

    2

    Lawyers agree

    Answered . It depends on the insurance contract that you purchased. It takes more space than allotted here to explain the full process. Travelers Insurance has a great explanation of how their policy works at https://www.travelers.com/claim/support-center/....

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