Homeowner’s Insurance
Homeowner’s Insurance can be tricky to navigate. Often times the general language, estimates, and payments can be tricky to navigate through on your own. We offer a complimentary loss assessment free of charge, and are happy to guide you along the way if you decide to file a claim.
Homeowner’s Insurance
Homeowner’s Insurance can be tricky to navigate. Often times the general language, estimates, and payments can be tricky to navigate through on your own. We offer a complimentary loss assessment free of charge, and are happy to guide you along the way if you decide to file a claim.
Insurance Payments are Issued as the Following to Customers:
RCV
Replacement cost value – this is the total amount of your loss, estimated by your carrier.
Depreciation
This is the amount that the carrier will generally withhold until work is complete, and is calculated based on the age of the products currently installed vs the life expectancy of the product. For example, a 30 year shingle that has been on a house for 10 years will generally receive a 33% deduction due to age. In an RCV policy, you can recover these funds at the end of a project once all work has been completed and proper documentation has been provided to the carrier.
ACV
Actual Cash Value – This ammount should reflect the RCV less depreciation.
Deductible
This is a pre-determined amount which a customer is responsible for paying out of pocket to the contractor, based on your selection when obtaining a policy from the carrier.
Insurance Payments are Issued as the Following to Customers:
RCV
Replacement cost value – this is the total amount of your loss, estimated by your carrier.
Depreciation
This is the amount that the carrier will generally withhold until work is complete, and is calculated based on the age of the products currently installed vs the life expectancy of the product. For example, a 30 year shingle that has been on a house for 10 years will generally receive a 33% deduction due to age. In an RCV policy, you can recover these funds at the end of a project once all work has been completed and proper documentation has been provided to the carrier.
ACV
Actual Cash Value – This ammount should reflect the RCV less depreciation.
Deductible
This is a pre-determined amount which a customer is responsible for paying out of pocket to the contractor, based on your selection when obtaining a policy from the carrier.
Verify your Policy Specifics
In most cases, where upgrades are not selected, a customer should only be responsible for covering the deductible when a covered loss has occurred. If the scope of work varies from the original estimate or code upgrades are required to pass an inspection, these can be negotiated by your contractor and paid by your carrier in most circumstances. Please check with your agent or carrier to verify your policy specifics, as policy variation can be vast.
Verify your Policy Specifics
In most cases, where upgrades are not selected, a customer should only be responsible for covering the deductible when a covered loss has occurred. If the scope of work varies from the original estimate or code upgrades are required to pass an inspection, these can be negotiated by your contractor and paid by your carrier in most circumstances. Please check with your agent or carrier to verify your policy specifics, as policy variation can be vast.