Insurance Claims Process My Info
Looking at my insurance claim that the insurance adjuster worked on, some info that I received was what my deductible is, and my policy limit. One thing you have to keep in mind with your policy limit when insuring a property is when the real estate market is going up for awhile, many years, you may need to raise it since your property should be worth more money over a period of years. This has the date contacted and date of loss, as well as the date inspected. The insurance adjusters contact info is also on the front page. On the 2nd page their are a lot of numbers and pricing. For example ice & water shield for a roof, parts of a roof, they really have a very detailed itimized list for the roofing components. Next to that they have the quantity, and unit cost for each. They come up with a Depreciation factor, which is their way of paying less upfront due to the fact that the items being replaced weren’t new and were already worn a little. The sheet shows the dimensions and elevation of the house. The 2nd page continues with calculations, unit cost and quantity as well as the size of the perimeter of the house. Measurements of all the walls.
There are a lot of dimenions and measurements on the adjustments. For example on mine they found damaged siding which they will try to match, I know this siding is discontinued, so it’s hard to find. I am told after 4-5 years siding is often discontinued. The 3rd page talks about the wraps around the windows, garage, near gutters and front posts, and has some cumultive totals for everything. After they come up with their amount, they will deduct(less) the deductible and also the depreciation amount. I believe each insurance company is different, but when the roof and siding are fixed, that difference for depreciation is paid upon inspection it’s been finished. They provided me a Replacement Cost Agreement. This Replacement Cost Agreement has the itemized numbers for everything from full replacement cost, to actual cash value, to deductibles, etc. I didn’t sign anything at the time the adjuster was out there. I am going to have my contractor review these numbers for accuracy. My policy # and claim # are listed on this Replacement Cost Agreement. Your contractor may also want you to sign a contract with them as well before they get started. Most contractors will want 1/3 or 1/2 money down for supplies and to get started on the job. I would advise you never to let your money get too far, or ahead of the work that the contractor is doing, for example paying for the hole job while only 1/3 is done, that’s dangerous, I have met too many experts that strongly advise against this.
I was also provided a color brochure, about 7 pages long, it looks well written, but I haven’t had a chance to read it yet. I am going to read it carefully and consider the source who is writing it. Lots of nice full color photos and the front of it has a nice logo on it also. Do some research before you sign anything on an insurance claim, and look very carefully when their is a chance of damage, don’t miss anything, you pay for insurance every month, make sure you get things fixed when broken.
