MLchartDataset catalogue

Diminution in value (property)

Term · Insurance and risk management · MLC-T-INS-001159

A reduction in the market price of property after it has been damaged and then repaired. This perceived loss occurs because a prospective buyer might pay less for an item that has a history of damage, even if repairs restored its function and appearance. Most standard auto and property insurance policies do not cover claims for diminution in value, focusing instead on the cost of direct physical repair.

Table 1. Record
IdentifierMLC-T-INS-001159
FieldInsurance and risk management
SubjectPersonal Lines
Record as JSON 
{
  "id": "MLC-T-INS-001159",
  "term": "Diminution in value (property)",
  "field": "Insurance and risk management",
  "definition": "A reduction in the market price of property after it has been damaged and then repaired. This perceived loss occurs because a prospective buyer might pay less for an item that has a history of damage, even if repairs restored its function and appearance. Most standard auto and property insurance policies do not cover claims for diminution in value, focusing instead on the cost of direct physical repair.",
  "subject": "Personal Lines",
  "url": "https://mlchart.com/terminology/insurance/diminution-in-value-property/"
}

Record 972 of 3,682 in Insurance and risk management terminology (MLC-0106). Request the full dataset.