Understanding insurance estimates can be confusing, especially if you’ve never filed a claim. However, estimates are important because they are prepared by your insurer’s claim adjuster to itemize your damages that need repair or replacement after a disaster involving your home. To get a clearer understanding of this crucial document, we explain the claims process so you can easily familiarize yourself and get the most out of your claim.
Claim Summary and How it Works
A claim summary is an insurance adjuster’s estimate of the expected cost to repair your damages. It’s essentially a collection of sectioned spreadsheets corresponding to each part of your home, including your interiors. Another section of the claim summary can be listed as “other structures”, wherein separate buildings like gazebos and sheds are listed. On the final section of the claim summary is where your damaged items are listed, such as mailboxes, outdoor furniture and spa covers.
Understanding Your Insurance Loss Statement
This is usually written by your insurance adjuster after the person has inspected your home for storm damage. It should include every item that needs to be repaired and replaced. Make sure you review the statement of loss since it will also include the initial roof cost for repairs, the estimated replacement cash value (RCV) to repair each item, the depreciated value, which is the money held back until the actual replacement or repair is completed, and the projected actual cash value (ACV), which is the RCV minus the depreciation and the amount you are estimated to receive to repair the damage.
Always remember that a statement of loss is only an estimation, so your actual repair costs may differ. Insurance companies will usually hold off on sending your check until actual repair estimates are included; they only do this to make sure the claim is accurate, and the cash will be used to cover the repair and replacement costs.
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