How do I get my recoverable depreciation check from my home insurance?

The fridge we’ve had for five years just stopped working. There’s a part in my home insurance policy that talks about recoverable depreciation, which I think will help replace it. I know this is in my coverage and I should know this, but to be honest, this is all going a little over my head. How do I get my depreciation money back from my home insurance? We have replacement cost coverage if that helps.

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Answer provided by
Melanie Mergen
Answered on May 11, 2022
Great question. Home insurance can be extremely complicated and confusing. There’s no shame in not understanding something right away!
First off, recoverable depreciation is the monetary gap between your fridge’s replacement cost and its current or actual cash value. Over the last five years, your fridge’s actual cash value would have depreciated.
Since it sounds like your fridge is covered with replacement cost coverage, your insurance plan should presumably cover the cost it would take to replace it with a comparable one in today’s market, regardless of your current fridge’s depreciated value.
Each company does this a little differently, so you’ll have to verify with your provider how they’ll send the money, to whom, and when.
Typically, once you’ve shown your insurance company the replacement (or in some cases, repair) is complete, they should send a check for the recoverable depreciation amount your way. Or, they might send it directly to who’s repairing it. Again, it depends on your insurance company.
One other thing to keep in mind: If your policy has a deductible, keep in mind this may be taken out of the amount paid to you.
When all is said and done, remember to hold onto receipts to show your insurer you spent the money how you said you were going to.
It sounds like your coverage is doing what you need it to here, but if after replacing your fridge you’d like to compare your policy with others or find a better price, the Jerry app can help you gather quotes from top home insurance companies. (You can bundle with car insurance, too!) Even better, Jerry also has experienced, friendly agents who can help you with your questions as they come up.

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