As a homeowner, you might ask yourself: what is an insurance estimate? Also known as a claim summary, an insurance estimate is a document that estimates the expenses of repairing or replacing your home. Your home’s roof, inside and exterior, as well as any detached structures like a shed or gazebo, are all part of your home’s spreadsheet. It can also include storm-damaged personal property like mailboxes and patio furniture.
The total of the expenditures shown in each spreadsheet may be viewed on the claim summary pages. It may also show categories for material sales tax, overhead and profit, and base service price. That sum is termed the Replacement Cost Value (RCV). If you hire an insurance restoration contractor who charges within the RCV, you can expect better materials, better installation, and more service once the repairs are completed.
Here are some tips to help you understand insurance estimates before returning the signed statement of loss to your insurer:
- Estimate loss. Do this once you are safe to return home or work. It is good practice to photograph the damage as verification. Make a list of everything that needs to be repaired or replaced. The insurance adjuster cannot replace your knowledge of what was lost.
- Collect data. Obtain multiple estimates from residential roofing service contractors and submit them to your insurer when submitting a storm damage claim. Use these figures as a guide to establishing the entire repair cost as accurately as feasible. A check for the new amount will be sent to you if your claim is granted.
- Get the loss statement. The insurance adjuster will issue you a loss statement. In most circumstances, you will be there when the adjuster creates this document and hands it to you after the property inspection.
- Examine the loss statement. The declaration of loss is simply an estimate, thus the real repair costs may vary. They do this to ensure the claim is accurate and the money will be used for repair and replacement costs.
As the area’s top siding and roofing contractor, Polk Contracting, Inc. can provide you with exceptional solutions to all your home improvement needs. With our quality products from the most trusted brands, and our skilled, professional crew, we’ll make sure your project is completed to quality specifications.
Call us today at (410) 835-4586 or fill out this contact form to schedule your evaluation. We proudly serve homeowners in all of Harford, Cecil and Baltimore Counties.