What does Depreciation Insurance mean? Read on to discover the definition & meaning of the term Depreciation Insurance - to help you better understand the language used in insurance policies.
Depreciation insurance, or zero depreciation coverage, is a provision in a property insurance policy that covers the actual value of the property prior to the loss of value it experiences over time. It overlooks the diminished value of the property due to depreciation of its market cost, damage, or wear and tear.
We hope the you have a better understanding of the meaning of Depreciation Insurance.