After a storm, it’s important that you take pictures of any damage your exterior suffered. You’ll need these when you file an insurance claim for storm damage claims later on. After your insurer receives the necessary documents, they’ll send an adjuster who’ll assess the extent of the damage and calculate your insurance payout.
It’d be a good idea to have a roofing contractor at your home on the day of the adjuster’s visit. That way, your contractor can point out details the adjuster may have missed. After all, adjusters are often on busy schedules, so there’s always a chance they might overlook a few details. Once the adjuster has finished assessing the extent of storm damage, they’ll give you a statement of loss that itemizes all of the costs for repairs or, in serious cases, a roof replacement.
Here’s what some of the terms on your statement of loss means:
- Replacement cash value (RCV) – The RCV is the total amount for the insurance estimate. It’s calculated by subtracting your deductible from your contractor’s invoice.
- Depreciation – This is the amount that won’t be released until contractors finish conducting roof repairs or installing a roof replacement.
- Actual cash value (ACV) payment – The ACV payment is the first insurance check you’ll receive once your claim has been approved. You can calculate your AC by deducting your deductible and the depreciation from the RCV. In most cases, the ACV payment is just enough to get the roof repairs started.
- Supplements – Should the adjuster overlook minor storm damage, your insurer will make the necessary adjustments to your insurance payout.
Filing an insurance claim can’t be tricky. Fortunately, some contractors provide insurance claims filing assistance services for their customers.
Genesis Roofing, a top-rated contractor on HomeAdvisor, offers a wide range of professional roofing services, including insurance claims filing assistance and roof repair services. To get a free estimate, call us at (515) 202-1667 or fill out this form. Talk to us today! We serve homeowners in Des Moines, IA, as well as the surrounding communities.