Understanding Storm Damage Claim Estimates

October 3, 2020 by GLSA Mobley

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As your home’s first line of defense, your roof is more susceptible to storm damage than any other part of your home. As such, you may have to schedule a roof replacement project soon. While doing so may sound costly, there is a way you can fund your roofing plans and that’s by filing a storm damage claim with your insurance provider. All you need to do is understand the estimates from your insurance provider.

Do You Have Storm Damage Claim Estimates?

Here’s how you can understand the estimates for your storm damage claims.

Obtain the Adjuster’s Statement of Loss

When an insurance adjuster comes to inspect your roof, they’ll write a statement of loss once they determine which items need repair or replacements to document it. Obtain this statement of loss so you can further understand the estimate of your storm damage claim. Thankfully, this can easily be done as roofing contractors say you’ll likely be present while it’s being created.

Review the Statement of Loss

Once you’ve obtained the statement of loss, you need to review it. This is because the documents will itemize the estimated costs to replace and repair each item or the RCV. The RCV is the “depreciation” (the money held back until the actual replacement or repair is completed), and the projected actual cash value, which is the RCV minus the depreciation and the amount you are expected to receive to repair the damage to your roof.

Gather Storm Damage Claim Estimates

Finally, you’ll need to gather all the estimates for your repair or replacement and give them to your insurer while filing your claim. If they approve your claim, your insurance adjuster will then adjust the “depreciation” column. This shows the actual repair or replacement cost. A check is then sent to you for the new amount of your roofing project.

Planning a roof replacement project? Look no further than Mobley Brothers Roofing and Renovation, the number one expert to approach when it comes to roof repair and replacement projects. Give us a call at (865) 216-3274 or fill out our contact form to get a free estimate. We serve businesses homeowners in Lebanon, Knoxville, and other nearby areas in TN.

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