You know you have storm or hail damage. But what’s next? This step by step guide will show you what you need to know. Questions you should ask yourself as well as answers to some important questions. What kind of policy do you have? What is the difference between ACV and a RCV? Is a natural disaster include in your policy?
1 Call your insurance agent. Be prepared to give your agent a description of your damage. Your agent will report the loss immediately to your insurance company. The adjustor will contact you as soon as possible to inspect the damage.
2 Once your insurance company has been notified of your claim, the company is required to send you the necessary claim forms to you by the end of a specified time period. Return the properly filled out forms as soon as possible in order to avoid delays.
3 Set up an adjuster meeting where your insurance agent and your contractor will walk the property together, pointing out any damage that has been detected.
4 Once you and your insurance company agree on the terms of your claim, state laws require that you be sent payment promptly.
What is an ACV policy?
ACV is the actual cost value, market value minus depreciation. ACV is similar to liability insurance. For example, if your roof is expected to last 20 years and is damaged by a hail storm when it is 10 years old, your insurance would cover 50% of the Replacement Cost Value less the deductible. Why only 50%? The roof is expected to last 20 years and since it is 10 years old, the Actual Cash Value is approximately ½ of the current Replacement Cost Value of a new roof. The 50% you lose in value, is non-recoverable depreciation and will increase your out of pocket costs beyond your deductible.
What is a RCV policy?
RCV is the Replacement Cost Value, only out of pocket expenses are your deductible. Insurance covers all costs necessary for Full Replacement with Recoverable Depreciation. The cost to replace the damaged property with the same like kind and quality without the deduction of depreciation.
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