Obsolescence 2


Definition of "Obsolescence"

Eloa P. (Kay) Gray
Eloa P. (Kay) Gray Residential Plus Real Estate Services

Decrease in value of property as the result of technological advancement and/or changing social mores. This factor is used to measure the amount of depreciation in determining the actual cash value of damaged or destroyed property protected by property insurance coverage.

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Obsolescence

A major factor in depreciation resulting from wear and tear from use and natural deterioration through interaction of weather elements may cause dep ...

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Loss of property value due to external forces of events. ...

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