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How Do You Get Paid For Your Loss?
First, The Insurance Companies pay you the actual cash value (ACV) for your damaged property, minus your deductible. You can use this to either begin the repair work or to replace your property altogether. Before receiving additional payments, you may need to show a signed contract that repairs have been completed or the property has been replaced.
Your policy may provide replacement costs for your home and personal property. However, we don’t pay your replacement cost until you’ve repaired or replaced the damage.
As a result, you may receive more than one payment for your recoverable depreciation – this will be whatever the difference is between the ACV and the replacement cost.
Invoices or receipts help you receive your replacement cost payment.
How Does the Claim Payment Work?
ACV is the cost to repair or replace damaged property, minus depreciation. Depreciation is the loss of value over time and can be impacted by age, disuse, and condition. For example, if someone steals your TV and you have replacement cost coverage, your claim information may look something like this:
This means our first payment to you would be: $750 - your $500 deductible = $250. After you buy your new $900 TV and show the insurance company your receipt, we’d make a second payment to you of $150.
Homeowners are paid recoverable depreciation after they've repaired or replaced the item, so long as they follow the correct set of steps.
You can verify if your depreciation is recoverable on your insurance adjuster or your insurance declaration page or policy. Recoverable depreciation is the difference between a damaged or stolen item's actual cash value and its replacement cost.
Roofer Corpus Christi Tx
9639 Hillcroft St Unit #5010 Houston, TX 77096
855-909-9544 corpus christi tx