In property insurance terms, a statement of loss is largely associated with a proof of loss. This document is prepared by a claim adjuster from your insurance company. The goal of this written record is to accurately itemize the damaged goods that need to be repaired or replaced by a roofing contractor after a disaster event, particularly a severe storm, has affected your home or commercial building.
Here are some tips to help you understand insurance estimates before returning the signed statement of loss to your insurer:
Assess the damage. Do this once you can safely return to your home or business. It is good practice to document the damage with a camera as proof. You may also make a list of every item that needs to be repaired and the estimated cost of repair or replacement. Keep in mind that you will know what was lost better than the insurance adjuster.
Obtain the statement of loss. The insurance adjuster will provide you with a statement of loss. In most cases, you will be present while this document is created and handed to you after the adjuster has completed an inspection of your property.
Review the statement of loss. A reliable solar roof company says that this document aims to itemize the damaged goods. It will also show the estimated costs to repair or replace each item (replacement cash value or RCV), the depreciation — or the money withheld until the actual repair or replacement is finished — and the predicted actual cash value (ACV), which is the RCV minus the depreciation and the amount you are estimated to receive to fix the damage.
Gather estimates. It is a good idea to get different estimates from several contractors and give them to your insurer when filing your storm damage claim. Consider these estimates as a reference guide to help you determine the needed amount for the overall repair as accurately as possible. If your claim is approved, your insurer will adjust the depreciation segment to indicate the actual repair or replacement cost and then send you a check to cover the new amount.
Barth Roofing Company, Inc. is a leading source of top-quality home improvement solutions in California. We work diligently and aim to satisfyingly meet the needs of your home or business, from new roof installation to storm damage roof repair and roof maintenance plans. Call us at (209) 833-9917 or fill out this contact form to set up an appointment.