AboutJames R Carrier Expertise I'm an insurance adjuster, I'm able to answer questions regarding coverage, damage valuation, or anything to do with property & casualty in the State of Michigan. In other states I can answer general questions but insurance policies are written slightly different depending on insurance law in a particular state. Most questions however I would be able to answer or have the ability to get an answer.
Experience 20 years as a licsensed adjuster, handling 1000's of homeowners claims in Michigan, and Louisiana (Hurricane Katrina).
Education/Credentials Business degree with an emphasis on accounting from Arizona State University, graduating in the Fall of 1984.
Question What is the depreciation formula for personal household property.
Such as, appliances, furniture, dishes, clothing, guns, jewelry, old family keepsakes with emotional value, old piano...?
Answer Hi Ruth,
Depreciation is deducted from the replacement cost of all non-listed personal property. Listed personal property are items for which a rider has been purchased and those items are valued based upon an agreed upon amount should the item be destroyed, lost, or stolen. There is no formula in place for the depreciation of contents items, depreciation is faster for items with a shorter useful life as opposed to items such as appliances that have a longer life. Emotional value is not considered when determining value for insurance purposes. If you have further questions contact me at jimsbook@hotmail.com.
