Do I Need To Get Three Estimates?

There may be a few reasons why your insurance agent or adjuster might encourage you to get 3 estimates.

  • If your claim is small enough your agent may be authorized to make payment.
  • Your adjuster might want three estimates in order to justify the cost of repairs in special circumstances.
  • 3 estimates can help establish that you have a valid claim with your insurance company.

My Insurance Estimate Is Low. What Went Wrong?

There may be a few reasons why your insurance estimate is low. No worries though it is just an estimate!

The following are just a few reasons:

  • The items being replaced were measured incorrectly when calculating dimensions.
  • Incorrect determination of the type and quality of your existing products.
  • Honest omissions by your insurance company when producing your estimate.
  • Special circumstances not taken into consideration that would increase the cost or repairs.

My Insurance Estimate Is Confusing!

What does RCV, ACV and Depreciation all mean?

  • RCV stands for Replacement Cost Value. The cost in today market and economy and it covers 100% of the cost to fix your home.
  • ACV means Actual Cash Value. This figure is what your insurance company believes they owe you should you not elect to fix your home. This payment must be made within a certain amount of time by law to the policy holder.
  • Depreciation is the dollar amount that your insurance company will owe you after you have completed your repairs. In some cases an inspection is performed by your insurance company before the remit the depreciation to you.

Will I have Money Left Over?

Your insurance company owes for what you pay for your repairs. If you paid less then what they have agreed to pay the insurance company is entitled to keep what’s left over. Be careful of contractors who are willing to help you get money left over, this is insurance fraud.

Is There A Time Limit To Make My Repairs?

Most insurance companies allow you up to a full year from the date your home was damaged by hail or storm to file your claim. However some companies are only allowing six months, you should read your policy or call your agent to make sure of how long you have.