They calculate based on the terms of the insurance agreement. Review that and contact them with questions.
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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.
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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/home-property/understanding-depreciation.aspx.Ask a similar question
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 it. Thanks. For further information you should see an attorney and discuss the matter completely. If you are in the New York City area, then you can reach me during normal business hours at 718 329 9500 or www.mynewyorkcitylawyer.com.Ask a similar question