What is depreciation?

Most simply, depreciation is the reduction in the value of an asset due to its usage, the passage of time, any wear and tear, outdating or obsolescence, and any other similar factors. Some insurance policies include depreciation on selected items. Recoverable depreciation is refunded when all of the needed repairs are finally completed. Non-recoverable depreciation is not refunded, and will have to be paid by you directly to Vintage Reconstruction.