Reviewing your Insurance Estimate
Once the insurance claim gets approved, you will get a detailed estimate from your insurance company with partial payments for the repairs. When you receive these, please call us and we will schedule a time to go over the estimate and explain what should be replaced.
Typically the insurance check is mailed separately and claims are paid in a two check process. The first for the repairs and the second check is paid upon completion of the repairs.
What does ACV and RCV imply on my insurance estimate?
The settlement and payment is based on your policy, terms and coverage.
- The first insurance check is paid based on the actual cash value, or ACV. It is used to determine the age of your roof and the current value of your roof now.
- The recoverable cash value, or RCV, is the amount paid on completion of all repairs. If all repairs are completed, you will get paid more RVC.
The way it is broken down can cause confusion on how much you will have to pay out of pocket, but in most cases you will only be responsible for your deductible.
Why does my insurance check include the name of my mortgage company?
It is because your home is owned by the mortgage company until you pay off your bill. The insurance will pay them since they hold the deed.
We will be sure that the mortgage company will get all the documents needed to process your claim.
Once the mortgage company process the first check, they release it back to you. This check usually is applied as a deposit so we can start the repairs.
Why is my Home Re-Nu estimate different from my insurance estimate?
This is very common. Home Re-Nu and your insurance company use similar estimating software to determine the costs of repair. Due to local price increases, incorrect measurements and missed items, a difference is typical.
Our representative will contact your insurance company and make any needed adjustments to the original insurance estimate. We will then agree on a price for all repairs with the company.
Will my insurance rates increase since I filed a claim?
Your insurance rates will not automatically increase due to filing a claim. Usually, if weather is bad enough to be considered catastrophic it will affect many people and the company will increase rates for the entire region, whether you file or not. You should always call your local insurance agency to discuss your concerns and circumstances.