In general, insurance claim settlements for personal property damage are not subject to federal income tax. This is because the settlement is intended to compensate the homeowner for their loss and put them back to where they were financially before the loss. The insurance payment is not considered income, in that it doesn’t put you …
Are There Tax Implications When My Claim Settles? Read More »
Experiencing the loss of personal property after a tragedy can be a traumatic and emotionally challenging experience. Here are some ways to cope with the emotional impact of losing personal property: Allow yourself to grieve: Give yourself time and space to feel your emotions and grieve the loss of your personal property. It’s important to …
Working effectively with any hired claim support for your personal property/contents is an important part of the process. Here are some best ways a homeowner can cooperate with their claim support: Provide complete and accurate information: Be sure to provide all of the necessary information related to your claim, including any documentation, photographs, and receipts …
When it comes to documenting personal property, how confident are you that you remembered to list everything? When homeowners try to create a list on their own, they often hit the high points (large items – such as furniture and expensive items), but leave out of lot of the smaller items that get lost in …
Most homeowners get frustrated looking at piles of their damaged possessions. It creates a lot of emotion and many people just want it gone so it’s not a constant source of the tragedy. However, disposing of it before it’s been paid for by your insurance company can backfire on you. Your insurance company has the …
ACV and RCV are two different types of coverage that affect how much compensation a homeowner will receive for damaged or destroyed property. ACV stands for “actual cash value,” which takes into account the replacement cost of the damaged property, less any depreciation. This means that the insurance company will provide compensation based on the …
