What is date acquired in personal property casualty?
Had power and communication lines torn out of my house due to a tree falling on utility lines across the street, witch then snapped the utility pole.
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1 Best answer
Anita01
New Member
Jun 4, 2019 6:16:13 PM
You would use the same date as the purchase date of your house. That's when you acquired use of the lines.
5 Replies
Anita01
New Member
Jun 4, 2019 6:16:13 PM
You would use the same date as the purchase date of your house. That's when you acquired use of the lines.
tjsuyak
New Member
Jun 4, 2019 6:16:15 PM
Thank you, very helpful.
tt8g9gg
New Member
Jun 4, 2019 6:16:16 PM
What if the roof was replaced about 13 years ago and house was built in 1979?
Anita01
New Member
Jun 4, 2019 6:16:17 PM
You still use the date you purchased the house. Property value before the casualty will reflect improvements up until that point, including the value of your new roof.
Anita01
New Member
Jun 4, 2019 6:16:17 PM
You don't really take casualty losses for a specific part of your house. You have to think about it as damage to the property value overall.