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Business and product value9/25
I've had a question from a client about depreciation of their custom kitchen cabinets I built and installed 19 years ago.
Homeowner occupied homes wouldn't have a depreciation schedule and should be insured for replacement cost, not depreciated value.
If this is now a rental property then the depreciated value would be whatever the accountant used.
If the homeowner was a Magic Chef rep or something and did demonstrations in the kitchen and depreciated it for income tax reasons then they would ask their accountant, either way the insurance should be paying replacement value not current value, unless the homeowner never increased the limits of their policy based on the cost of the added kitchen.
Also a lot of policies exude work that should be permitted and isn't.
Short answer ask an accountant for depreciation amounts there is no "standard"
Just had some water damage due to a leak. Insurance guy came out and we went over everything that needed replacing and he gave us full replacement cost from his program. Amounts were more than fair. Only thi g he didn't give full replacement on was carpet due to age, but said call back when your do e and I'll give you $3k more.