It’s important to document signs of storm damage as soon it’s safe to be outside. You’ll need to submit pictures of storm roofing damage when you file for roofing insurance claims. After your insurer receives the necessary documents, they’ll send an adjuster who’ll assess the damage and calculate your insurance payout. Once the adjuster finishes assessing the roofing damage, they’ll produce a statement of loss, which itemizes all of the repair costs.
While going through the list, keep in mind that your insurer won’t pay for all the roofing costs. You’ll need to pay for a deductible, which goes toward the cost of an insurance claim. The amount depends on several factors, including your insurance policy, the area you live in, and the type of roofing damage. For instance, in some states, insurers have a special deductible for wind and hail damage from hurricanes. As such, you may end up paying a higher deductible.
Aside from the roof replacement deductible, what are the other terms you may encounter?
Commonly Used Terms
Replacement cash value (RCV) – The RCV, which refers to the total amount for the insurance estimate. Keep in mind that the RCV is just an estimate—it’s not yet the final settlement, which is calculated by subtracting your deductible from the contractor’s invoice.
Depreciation – This is the amount that won’t be released until the roof repairs or replacement is completed.
Actual cash value (ACV) payment – The ACV payment is the first insurance check you’re expected to receive. The ACV is calculated by deducting the roof replacement deductible and the depreciation from the RCV.
Supplements – In case the adjuster overlooked some minor roofing damage, your insurer will make some adjustments to your insurance payout. In case you notice that supplements were included in the estimate breakdown, you shouldn’t worry too much—supplements and adjustments are a normal part of the insurance claims process.
The insurance claims process isn’t as straightforward as it seems. If you’re having trouble filing a claim, consult a roofing contractor that offers claims processing assistance.
Looking for roofers near you?
StormROOF Systems, LLC, a trusted storm damage specialist, offers a wide range of professional roofing services, including disaster restoration repair and insurance claims processing assistance services. To get a free inspection, call us at (470) 300-1768 or fill out this form.