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Depreciation

December 11, 2014 Leave a comment

 Depreciation

 

This week on “Let’s Talk Insurance” the topic was on depreciation and what it means when it comes to your home & your stuff. It’s important to make sure that you have Replacement Cost coverage for your personal property since it is an optional endorsement.

Matt shared the Wikipedia definitions of Depreciation, Actual Cash Value, & Replacement Value for comparison. He also shared THIS WEBSITE that contains a depreciation calculator in case you wanted to find out what the Actual Cash Value of your stuff is (remembering the example given was 5% a year for depreciation). And conversely, HERE IS a calculator for depreciating items such as household appliances.

If you’re in the state of Michigan or Illinois, give us a call at (800) 968-1497 and we would be happy to get you a quote!

Until next time!