INSURANCE CLAIM

CALCULATING ACTUAL CASH VALUE

1.Enter the Replacement Cost of the item. (Include delivery and installation costs and tax if applicable).

$

   2.Enter Annual Depreciation.

 %

(See List or approximate how many years the item would normally last and then devide by 100. If it would normally last 10 years, you would devide 10 by 100. The annual depreciation is 10%! If the item would last only 5 years, then devide 5 into 100. The result will be 20.)    

3. Enter the Age of your damaged item. The amount of years since new.

years


4. Press Button

The Actual Cash Value is $

Note:  Determining the Actual Cash Value of an item can be very subjective. Usage, wear and tear, obsolesance etc. are all considerations. Common sense should always be used here. If you had an item that was older but in good condition, make note of it and depreciate accordingly. When calculating the current value of antiques for example, the above formula will not work.

Annual Depreciation Of Property
Air Conditioner    8% Fan, electric       12% Ironing Board     10% Radio                10%
Awnings             20% Firearms                5% Refrigerator          5% Cassette Player  10%
   Bedding Supplies Fishing Equip        5% Stove                     5% CD Player          10%
Mattress, Springs  5%

Furniture

 Toaster                12% CD's                    75%
Blankets           10% Upholstered         10% Kitchen Cabinets   4%

Roofing
Sheets               20% Wicker                20%

Kitchen Utensils

 3 ply hot mop   10%
Bicycles          20% Chrome & Glass  15% Pots, Pans, Cutlery5% Asphalt shingle   5%
Boats               10% Metal                   5% Dishes                 20% Wood shingle     4%
Books                5% Furnace                5% Chinaware             5% Cedar shake       7%
Calculator         10% Garden Tools    10% Ladders               5% Metal                   5%

Carpets

 Golf Clubs         10%

Lawn Equipment

 Scale (bathroom)10%
Low Grade         15% Hair Dryer         12% Mowers (power) 20% Sewing Machine   5%
Medium Grade    10% Heater (elec)      12% Mowers (manual)10% Ski Equipment   20%
High Grade           8% Iron                     20% Mowers (riding) 15% T.V.                   10%
Superior Grade     5%

Jewelry

 Edgers  (electric) 15% Tennis Racket    20%

Clocks

 Dress                    8%

Light Fixtures

Tools
Electric                  8% Costume              20% Lamps              10% Hand                  5%
Grandfather           3%

Kitchen Appliances

 Lamp Shades   10% Power               12%
Clothing               25% Blenders, Mixers 12% Inset lamps        5% Toys (childrens) 25%
Curtains              20% Can Opener        10% Luggage             5% Vacuum Cleaner 12%
Dishwasher        12% Coffeemaker       12% Medicines         35% Washer                10%
Drapes, Blinds      8% Freezer                  5%

Musical Instruments

 Water filter sys  12%
Dryer                  12% Frying Pan (elec) 12% Piano                    4% Water Heater     10%
Equestrian Equip  8% Knife  (elec)        12% Guitars                  5% Water Pump       10%

 

Disclaimer   The information, forms, and techniques herein represent the author's opinions only and is not legal advice. Any and all advise given herein is not legal advise. The information and forms provide general educational information only. If legal or other expert advice is required by the reader, the services of a competent attorney, accountant, insurance agent, or other professional should be sought. The information, forms, etc. come without warranty of any kind, either express or implied, including but not limited to implied warrantes for quality, performance, merchantability, or fitness for any purpose. The author shall not be liable to the user or any other person or entity with respect to any liability, loss, or damage caused or alleged to be caused directly or indirectly by this information, forms, etc.

 

Copyright © 1992 Michael L. Smith,  Revised 1998 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, without permission in writing from the author.