Are you aware that the depreciation on your insurance claims can be negotiated to get you more money upfront?

 

In this episode, the intricacies of insurance claims, particularly the differences between replacement cost and actual cash value, are unpacked. Andy Gurczak shares expert insights on how depreciation can be negotiated, the importance of understanding your policy, and the necessity of having a public adjuster on your team. From exploring the lifespan of different components to ensuring you have the right endorsements, this conversation is a must-listen for anyone looking to navigate the complex world of insurance claims more effectively.

 

 

[00:01 - 04:17] The Basics of Replacement Cost vs. Actual Cash Value

• How deductibles are calculated and the implications for policyholders
• The role of depreciation in claims and how it can be negotiated
• The differences between replacement cost policies and actual cash value policies

 

[04:18 - 08:02] Navigating Depreciation Schedules

• How to negotiate depreciation with your insurer
• How each component's lifespan affects depreciation
• The differences in depreciation regulations across states

 

[08:03 - 12:38] The Role of Software in Insurance Claims

• The software tools used by insurance companies to estimate damages
• How costs are broken down in claims estimates
• How to leverage the insurer's own software for your benefit

 

[12:39 - 17:09] Law and Ordinance Coverage

• The importance of law and ordinance coverage for code upgrades
• What is typically included in law and ordinance coverage
• The crucial role an insurance agent plays in securing the right coverage

 

[17:10 - 22:34] Building a Strong Insurance Team

• The importance of having a knowledgeable insurance team
• How to choose a public adjuster (PA) that fits your needs
• How to navigate family dynamics in insurance decisions

 

 

Key Quotes:

 

"Depreciation on insurance claims can be negotiated, and most things on a claim can be negotiated." – Andy Gurczak

 

"Understanding your policy is crucial. You can't recover what you don't know you're entitled to." - Andy Gurczak

 

 

Connect with Andy:

 

Website: https://allcityadjusting.com/

LinkedIn: https://www.linkedin.com/in/andy-gurczak-528b9b64/

 

 

 

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

 

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode.

 

Are you confused about where to start? Join our community and learn more about real estate investing. 

 

Head over to our Facebook Page, YouTube channel, or website 

https://www.theacademypresents.com/jointhesummit36848306.