An insurance adjusters job is to give you an accurate accounting of everything that was damaged by a storm and a written estimate of what it will cost for repairs to get your property back to pre-storm conditions. Keep in mind that this is only an estimate and actual costs may vary as additional damage may be discovered during the storm restoration process. Generally, any additional findings are easily resolved between the adjuster and the contractor. Regardless, you are liable for only the amount of your deductible and nothing more. The adjuster will either leave you with a statement of loss or you will receive it in the mail or email a few days after meeting with you. The statement of loss will include an itemized list of your losses and the estimated cost of repair for each item.
Most homeowner policies are replacement cost and will pay that amount even though the actual cost may exceed the adjuster’s estimate. The loss statement will reflect the replacement cost value (RCV), the depreciation, and the actual cash value (ACV) of your loss. The (ACV) column of the statement will reflect the amount of your first check minus your deductible. The depreciation column should be called the deferred column as it reflects the amount of money held back by the insurance company until the work is complete and an invoice is submitted by the contractor for payment. The insurance company will then issue another check to you for the exact amount of the final bill, and (ACV) portion of your first check relating to that particular repair.
The (ACV) and the depreciation columns of your statement will total up to the (RCV) statement column. Insurance companies hold back money to track whether or not repairs are made and to ensure that they pay no more than the replacement cost of the damage. Most insurance companies send catastrophe teams into storm situations, and the adjusters come from all over the country to work these claims. Although most are well trained and experienced, some are not, and would not know what hail damage looks like compared to a roof ripped off of a home by a tornado. Either way, the adjusters are representing the insurance companies and it is the company’s interest that they are hired to protect.
For that reason alone, they will tell you to get estimates to repair the damage and you’re left on your own to find a reputable company that can do the work. Our clients have learned, just like you will, that working with Affluent Exteriors will give you peace of mind knowing that we have your best interest in mind from the time of engagement through the end of the repair process.
Still have questions?
- Call our office at 833-402-ROOF (7663), or
- Complete the form on our Contact Us page