A Guide to Storm Damage Insurance Claims

A storm damage insurance claim is a great way to cover expenses in case your roof gets damaged by a storm. However there are certain things that a homeowner must understand about storm damage insurance claims if they want to get the most out of one. As one of the leading local roofers in the area, we’re here to give you a rundown on some of the most important terms.

Statement of Loss

The statement of loss is a document containing the initial estimate for the resources necessary to restore your roof. Made by the insurance adjuster, this document has an itemized list of the materials and labor that will be involved during the roofing project.

Replacement Cash Value

Also known as RCV, this refers to the estimated amount of cash necessary to restore the roof. However, this is not the actual amount of cash that you will receive. Experts in residential roofing services say that the RCV might end up being different than what a contractor will charge but in most cases they will be similar.

Actual Cash Value, Depreciation and Deductibles

The actual cash value is the amount you’ll get right away to get the job started. The amount of ACV depends on the RCV because it’s worth that minus the depreciation and deductibles. Depreciation refers to the rest of the cash that the insurer releases AFTER the project is completed, while deductibles refer to the amount that you have to pay out-of-pocket.

Making Sure You’re Getting the Right Estimate

If you are second guessing the RCV, ACV and depression, it’s possible to have someone check for the accuracy of the estimate. Experts in residential and commercial roof coatings say that it’s possible to get help from a trusted contractor or a public adjuster to vouch for a bigger value for a portion of the total settlement. Need help dealing with storm damage on your roof? Get in touch with us. Empire Contractors LLC is the leading roofing contractor in Cincinnati, OH. You can call us at (412) 200-5331 or fill out this contact form to request a quote.  


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