Property Damage Guides

Reviewed by Wyatt Crane (WC), Editor-in-Chief — Property Damage & Insurance Claims Practice. Updated May 2026.

Understanding property damage claims requires knowing the difference between valuation standards, how depreciation is calculated and challenged, what additional recoveries are available beyond the basic property value, and what common mistakes cause claimants to accept inadequate settlements. These guides cover each of these areas in plain English.

All guides are educational materials, not legal or insurance advice. For guidance on your specific situation, consult a licensed public adjuster or property damage attorney.

How claims work

How Property Damage Claims Work

First-party vs. third-party claims, the adjuster valuation process, depreciation disputes, invoking the appraisal clause, and total loss procedures for vehicles and structures.

RCV vs. ACV

RCV vs. ACV Explained

The critical difference between replacement cost value and actual cash value, how the holdback mechanism works for RCV policies, and why upgrading to RCV coverage dramatically changes your recovery in a significant loss.

Diminished value

Diminished Value Claims

What diminished value is, who pays it (third-party vs. first-party), how the Georgia 17c formula works, what independent appraisals add to a DV claim, and how to document and pursue the claim.

Common misconceptions

Common Property Damage Misconceptions

Four myths that lead property owners to accept underpayment: the RCV assumption, flood exclusion confusion, the insurer's total-loss finality myth, and the idea that diminished value cannot be claimed.

Additional resources