Answering your insurance claim questions
Frequently Asked Home Insurance questions
UNDERSTANDING YOUR INSURANCE CLAIM – Frequently Asked Questions -FAQ
Lightning Strike
Frequently Asked Home Insurance questions –
Q1: Should I have a contractor meet with my insurance adjuster? [A: Absolutely. The insurance companies have someone working on their side, shouldn’t you? One of our insurance recovery specialists will meet directly with your insurance adjuster to ensure no damages are being overlooked. Many times the insurance companies get so many claims that they don’t have the time to look at areas that you don’t specifically point out to them. For instance, if you know you have siding damage and call that in but don’t mention your roof then your roof might not get checked by the adjuster.]
Q2: Does my insurance company have to provide me with an experienced and licensed adjuster? [A: You may have thought so, but don’t count on it! Especially today, with so many storms and adjusters in high demand, your adjuster may have never handled an insurance claim before in his or her life! Believe it or not, insurance company adjusters get to skip all the education and licensing requirements. They can be car salesmen* one day, and insurance company adjusters the next – literally. Insurance adjusters are in such high demand these days, any warm body will do. Ask your adjuster about their experience, training, and licensing. *nothing against car salesmen, I just don’t want one adjusting my claim!]
Q3: Can you file my insurance claim for me? [A: All insurance companies require that the policy holder or homeowner file the claim themselves but we are available for any assistance you may need.]
Cabinets another contractor tried
to save and we had the insurance
company replace them
Q4: How much out-of-pocket expense is this going to cost me? [A: Our full property inspections are FREE. If we do not find sufficient damage to warrant an insurance claim filing we let you know. If we find sufficient damage the only cost to you is the amount of your deductible. We work directly with your insurance company to negotiate fair settlement of your claim at zero cost to you.]
Q5: My neighbor got a new roof, why was I turned down? [A: The truthful answer to this question is because you probably didn’t choose a contractor that specializes in insurance recovery. Hurricanes, and Hail Storms are typically not that selective, if neighboring properties suffered damages chances are you did too. We are highly successful in our renegotiations with insurance companies. If we feel you have suffered damages we will give it all we have to ensure you are treated fairly by your insurance company.]
Q6: Do you offer free estimates for Insurance Claims? [A: Your Insurance Company will send out an Adjustor to provide you with an Adjustors Report, listing all visible damage at time of inspection. The Adjustors report is your Estimate, also called a Scope. Upon Review of your estimate and an inspection of the damage we will determine if an independent estimate will be required. We do not offer free estimates for Insurance Claims. Our property inspections and consultations are always free of charge and obligation.]
Q7: I don’t think the Insurance company paid out enough to have my home repaired? [A: Insurance companies expect supplements from the Restoration Contractor. It is very easy for an Insurance Adjuster to miss several items while doing their estimate. Every Insurance company has a Supplement Team to deal with additional cost, missed, overlooked or unforeseen damages. Your only out of pocket expense is your deductible.]
Q8: Exactly what does the Insurance Company pay to replace? [A: Your insurance will pay for Replacement cost only. If you desire upgrades, you are expected to pay the difference plus any overhead and margins to the Restoration Contractor. Example, you have 20 year shingles now and you want to upgrade to 30 year shingles, Your Insurance will usually only pay the Replacement Cost of the 20 year shingle and you may need to come out of pocket to upgrade to the 30 year.]
Before
After – Attics to Basements performs kitchen restoration
Q9: What is a deductible and who pays for it? [A: A deductible is an amount which a policyholder agrees to pay, per claim or per incident, toward the total amount of an insured loss. For example, if you incur a loss and your insurance company determines that repairs for the damages are going to cost, $2000.00 and your policy has a $250.00 deductible, your insurance company will pay $1750.00 and it will be your responsibility to pay the remaining $250.00 balance to the Restoration Contractor. ]
Q10: What does ACV and Depreciation mean? [A: Actual Cash Value (ACV) is the cost of replacing or restoring property at prices prevailing at the time and place of the loss, less depreciation, however caused. For example, if an item is worth $100 new, is expected to last for 5 years and you have owned the item for 2 1/2 years, then the ACV of that item could be established as 50% of its original value. The amount subtracted from the replacement cost value based upon the percentage of the ACV is typically referred to as Depreciation. Depreciation is a decrease in the value of property over a period of time due to wear and tear or obsolescence. Depreciation is used to determine the Actual Cash Value of property at the time of the loss. Under most cases the ACV is refunded after the job is completed with an invoice presented to the insurance company from your Restoration Contractor. Depreciation is how the insurance companies project themselves from Homeowners who do not complete the repairs or replace the items but instead opt for the cash.]
Q11: What is the difference between RCV and ACV? [A: ACV or Actual Cash Value is defined and explained above. RCV or Replacement Cost Value is the Actual Cash Value plus any Depreciation Deducted. RCV is the cost that you will expect to pay to complete the repairs.] Q12: What is the difference between Recoverable Depreciation or RCV and Non-Recoverable Depreciation? [A: Depreciation is the amount of money the insurance company retains on the repairs they agree you need. They keep this in case you decide not to complete your repairs, because if you don’t, they are only obligated to give you ACV. Remember that ACV plus the Depreciation equals RCV. You are only entitled to the depreciation if you complete your repairs and if you have RCV Coverage in your Policy. Some policies only pay ACV, which leaves the policy holder to pay the depreciation. Be very careful when purchasing insurance and be sure to examine your existing policies to see which you have. (RCV and ACV Coverage apply to boats, cars, planes and just about everything you insure, so check them all)]
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