There is nothing worse than going to collect funds once a project is complete, and realizing that the customer has missed the depreciation deadline with the insurance carrier.
To prevent this from happening, follow these tips:
- LEARN THE DEADLINES
Familiarize yourself with depreciation deadlines specific to each carrier. Most carriers allow one year but others (like State Farm) allow two. Be careful, some carriers only allow six months from the date of loss! - EXTENSION REQUESTS
If you are nearing the depreciation deadline, ask the homeowner to fill out an extension request. - INPUT THE DATA
When you enter a project into your CRM, fill out the insurance section and set a task or activity for 60 days before the depreciation deadline. (This information is found on the scope.) This way, you will get an alert when the depreciation deadline approaches.