Take A Glance At The Basics of Repairing Your Home Through Insurance Claims
We know how stressful repairing your home can be after some storm damage. Not only do you have to think about the safety and integrity of your home, you also have to deal with insurance companies. We work very closely with all major insurance companies and work for YOU to get your home repairs covered by insurance and repaired, so to help with those who are experiencing this for the first time we put together a little Home Insurance Claims 101. Below we have the general step by step process in completing your repairs, some common terms and definitions, and some other additional helpful information and tips!
- CONTACT A LOCAL ROOFER/CONTRACTOR – hey, that’s us!
- HAVE THE CONTRACTOR DETERMINE DAMAGE – once we determine if your damage exceeds your deductible or not, we can move forward with getting the work to be performed on your home approved by your insurance company. This step is very important, as the damage on your home may not justify filing a claim as to not affect your policy and keep your costs realistic.
- SIGN CONTRACT AGREEMENT WITH SELECT CONTRACTOR – once you are ready to move forward (even without a claim) it is now time to sign the contract. At this point you will sign a contract with your chosen contractor, agree to the cost of repairs, finalize materials and colors, time frames, and payment terms to ensure a speedy and efficient process.
- FILE A CLAIM WITH YOUR INSURANCE COMPANY – if we have determined the damage exceeds your deductible, it is time to file a claim with your insurance company. You will then schedule an appointment for your claim adjuster to come out to MEET WITH your contractor.
- BUILD IS SCHEDULED AND YOUR HOME IS REPAIRED – after your build is scheduled, all you have to do is wait for the day to come. Your salesperson will provide a pre-build letter ahead of time noting some quick preparations you should do before we start building (take hanging photos down, trim yard for crew cleanup ease, etc.).
- SEND INSURANCE FINAL INVOICE AND/OR CERTIFICATE OF COMPLETION – we work with your insurance company all the way until the end, we will submit a final invoice to your insurance carrier after the job is complete. They will then release a check made out to you which is used to pay out your contractor invoices. Some companies may require Certificates of Completion filled out by the homeowner. Your home is now repaired and safe for your family!
Common Insurance Claims Terminology
Some common insurance terms for general claims are listed below. These are often found on your insurance estimate/claim paperwork as well. Learning this terminology will make the process of repairing your home more clear and give you ease of mind knowing what’s going on.
- ACV (Actual Cost Value) – the repair or replacement cost of the damaged part of the property less depreciation and deductible.
- RCV (Replacement Cost Value) – estimated cost to repair or replaced damaged property.
- Depreciation – the decrease in the value of property over a period of time due to wear, tear, condition, and obsolescence. A portion or all of this amount may be eligible for replacement cost benefits.
- Non-Recoverable Depreciation – depreciation applied to items that are not eligible for replacement cost benefits.
- Deductible – the insurer will pay for losses, up to the policy limits, in excess of your applicable deductible.
- General Contractor’s Overhead & Profit (O+P) – general contractor’s charge for coordinating your repairs.
We really hope this short guide through some of the basics of your home being repaired through insurance claims brings you some peace of mind. It can seem and feel overwhelming at first but once you break down the parts for what they are, the process and what we need to do is a lot more clear. It is our priority to not only safety repair your home but to also reduce the amount of work and stress you need to take on as a homeowner. We have been working with insurance companies and going to bat for homeowners for years, so let us assist you during your claims process and get your home back into tip top shape!
ICYMI: 5 SAFETY ITEMS YOU NEED TO HAVE IN YOUR HOME – as the Boy Scout’s motto goes – ‘BE PREPARED’. Prep your home and family with some key items that could make a huge difference when disaster strikes.