home damage insurance claim

[Paula Hendricks]

i do this all the time with specific jobs and reimbursable expenses: i create an income account (called whatever, say Income: window repair) and then i create an expense account (Expense: window repair)... then i track the monies that way,,, coming in and going out... and then in the notes section of the transaction window i can be more specific... and you can have sub-accounts if needed, like for the window itself or the furniture. depending on how many layers of information are truly needed/ helpful.

i hope this helps

	ph

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paula hendricks ~:~ cinnabar bridge communications
writing ~:~ photography ~:~ book design
san francisco ~:~ 415.975.0950

On Apr 12, 2012, at 8:13 PM, Maria Iano wrote:

> We had a water leak causing damage to our home and I am wondering how best to track the expenses and insurance claims.
> 
> Our insurance company gave us 2 checks so far, one for contents and one for repairs. We have a provision to replace as new. What that means is that initially the insurance company gives us a check for the replacement/repair cost minus depreciation. After we provide receipts showing we replaced the item or did the repair they then give us a check for the depreciation they previously subtracted. We don't have to do the repair or replacement, and they are happy for us to take the check minus depreciation in that case.
> 
> We have a $1000 deductible. I actually paid that to the mitigation company directly. The mitigation company sent the rest of the bill to the insurance company so I never saw that and therefore feel I don't need to track it. There are some other bills going directly to the insurance company as well, and I'm currently planning to ignore those as well.
> 
> Meanwhile, how do I record the checks I have received so far? As I pay contractors for the repairs and buy replacement furniture, how do I record those? The $1000 deductible I recorded as coming from my credit card to an expense I set up specifically for this flood. But I wonder should the repairs be deducted from the value of the house and then replaced as they are done? I'm confused as to how to track all of these transactions.
> 
> Thanks for any help you can give,
> Maria
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