In the event that your roof experiences storm damage, you may need to file a property claim. If you have never done this before, it may be challenging to understand your claim summary or insurance loss statement. In the insurance industry, a statement of loss is a document prepared by your insurer’s claim adjuster to itemize your damaged goods.
In this article, residential roofing company A Crown Roofing Inc will walk you through the basics of the ideal roofing insurance for storm damage claims.
Assess All Damage
Once you can return to your home or business property, it’s important that you assess all the damage. It’s a smart idea to document the damage, so be sure to prepare your smartphone or camera. Taking photos or videos of the damage can strengthen your claim. In addition, you can list every item that needs repair and the estimated replacement or repair cost.
Obtain and Review the Statement of Loss
After calling your insurance company, they will send an insurance adjuster to your home to inspect the roof damage. You know your property better than the insurance adjuster. Thus, in most cases, you will be present while your adjuster writes the statement of loss. The document will be handed to you after the adjuster inspects your home. If you are not present, the statement of loss will be sent to you by mail.
Once you have your statement of loss, you have to review it thoroughly. The document should be detailed enough to include the estimated cost for the residential or commercial roof repair and replacement services or the replacement cash value (RCV). The statement should also contain the “depreciation,” which is the money held back until the actual repair or replacement is completed, and the projected actual cash value (ACV), which is the RCV minus the depreciation and the amount you are estimated to receive to repair the damage.
Gather the Estimates
Your roofing contractors should give you an estimate for the roof repair or replacement you will need. Gather all the estimates and hand them over to your insurer when filing your claim. If your claim is approved, your insurer will adjust the “depreciation” column to indicate the actual cost for your repair and replacement. They will then send you a check to cover the new amount.
Are you looking for quality contractors for your commercial roofing needs? Turn to A Crown Roofing Inc! Our expert roofers would be able to assist you with your roofing inquiries. Call us today at (904) 267-1019 or fill out our contact form to set an appointment.