Question: Under the standard HO-3, within the Loss Settlement Condition, there is the section that applies to the insured making claim for recoverable depreciation.

If the amount the inured pays for repairs is less than the amount estimated and that which settlement of the claim was based, is the insured entitle to recovery a pro-rata amount of the recoverable depreciation withheld? Or if the insured has the work repaired for less than the amount on which settlement was based, is the insured unable to collect the recoverable depreciation withheld?

— Florida Subscriber

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