Understanding your Insurance Estimate
Once your insurance claim is approved, you will receive a detailed estimate from your insurance company along with a partial payment for repairs. When you receive your estimate, please call your Integrity Roofing Representative and they will schedule a time to review the estimate and explain the items recommended for replacement.
Usually the insurance check is mailed separately. The majority of insurance claims are paid in a two check process: the first check is to begin repairs; the second check is paid upon the completion of all repairs.
What does ACV and RCV imply on my insurance estimate?
The insurance settlement and payment is based upon your policy provisions, terms and coverage.
- The (ACV) represents (Actual Cash Value). Your first insurance check is paid based on the (ACV). This is usually determined by the age of your roof and the current worth of your roof today.
- The (RCV) represents (Recoverable Cash Value). This is the amount paid upon the completion of all repairs. If all repairs are completed, you will be paid the additional RCV.
This breakdown of your estimate can cause you to be confused about how much you will have to pay out of your own pocket. But in many cases all you will be responsible for is your deductible.
Why does my insurance check include the name of my mortgage company?
Since you have a mortgage on your home they own the deed and rights to your home until you pay it off. Therefore the insurance will send the check with their name on it as well.
Integrity Roofing will insure your mortgage company receives all documentation required to proceed with your claim.
Once your mortgage company processes the initial check, they will release it back to you. This initial check usually is applied as a deposit to start the repairs.
Why is my Integrity Roofing estimate different from my insurance estimate?
A difference in price between your contractor’s estimate and your insurance estimate is very common. The Integrity Roofing and your insurance company use very similar estimating software to determine the exact cost of repairs. However, due to local price increases, missed items and incorrect measurements you may notice a difference in the price of both estimates.
Your Integrity Roofing representative will contact your insurance company and make necessary adjustments to the original insurance estimate. We will meet an agreed upon price for all repairs with your insurance company.
Will my insurance rates increase since I filed a claim?
When your home is damaged from a storm most people start worrying about their insurance premiums rising out of control. Your insurance rates do not automatically increase due to filing an insurance claim. Generally, when a storm is labeled a catastrophic event due to hail and wind, it will affect a large geographical area. The insurance rates of properties within the affected area may increase regardless of whether you file a claim or not. You should always feel free to call your local insurance agent to discuss your individual circumstances and concerns.