Where can I find information concerning whether labor can be depreciated for property insurance losses?
I need this information state by state.
I never hear of depreciating anything but property (be it real or personal). Do you be set to including labor cost on an insurance claim? do you want to know what the insurance policy will cover for the labor to replace or repair to damaged property?
Labor can't be depreciated - because you don't insure "labor" next to property. Cost to rebuild, is other cost to rebuild near labor and materials, at the date of the loss.
There isn't any website that says that.
Answers: You're not going to find a website similar to that. Your best bet is to call your state's Insurance Commission if you involve confirmation on something specific you've received.
If an item is being replaced within a property claim, both the part (let's influence a furnace) and the labor to install it are depreciated based on age/condition. If something is only just being repaired (let's read aloud rewiring the furnace, instead of replacing it, as long as it's not a wear/tear part) they usually don't depreciate.
If an insurance company is taking Recoverable Depreciation, (also called 'holdback') you can take that amount back when you repair the property and show invoices that the money be spent fully. This is subject to your own policy and the coverage you have purchased.
If it's a 3rd deputation property claim or Nonrecoverable Depreciation per the terms of your policy, one and the same calculations apply: Total cost of replaced items (parts + labor) - depreciation % of replaced items = lattice Actual Cash Value claim. The holdback in this instance would not be recoverable.