You've received a lot of good advice so far from insurance industry professionals. I had a lightning claim myself many years ago that damaged (repairable) a few of my audio components, plus a laptop, printer, microwave oven, alarm system, etc. So, here's some additional advice:
1) Think of an insurance company like the IRS, meaning the quality and.or quantity of your claim documentation is essential to a having smooth and satisfactory outcome to your claim. Whether this involves the repair costs or a replacement quote(s) for a current model that meets the "like, kind and quality standard," if the item can't be repaired.
2) The above (# 1) is why it is so important to keep your purchase receipts, owners manuals and original boxes to document what you had.
3) Depreciation will not be applied to a repaIr; but, it will be applied to replacement of an item. Some insurance carriers have discretion to not withold the depreciation if the amount is low enough, because it is not worth their while to re-open a file just to issue a check for $100 - 200. But, if the replacement cost of the item is considered "high dollar," then they'll likely withold the depreciation until you've provided proof that you actually replaced the item at or near the current replacement cost amount that you provided them and had previously documented.
1) Think of an insurance company like the IRS, meaning the quality and.or quantity of your claim documentation is essential to a having smooth and satisfactory outcome to your claim. Whether this involves the repair costs or a replacement quote(s) for a current model that meets the "like, kind and quality standard," if the item can't be repaired.
2) The above (# 1) is why it is so important to keep your purchase receipts, owners manuals and original boxes to document what you had.
3) Depreciation will not be applied to a repaIr; but, it will be applied to replacement of an item. Some insurance carriers have discretion to not withold the depreciation if the amount is low enough, because it is not worth their while to re-open a file just to issue a check for $100 - 200. But, if the replacement cost of the item is considered "high dollar," then they'll likely withold the depreciation until you've provided proof that you actually replaced the item at or near the current replacement cost amount that you provided them and had previously documented.