How do I review my insurance estimate?
Your insurance company uses Xactimate software to compose the insurance estimate and quite often the estimates can be confusing and misunderstood. When you receive your insurance estimate please call your Dimensional Pro representative. We will schedule a time to review the estimate and explain the items. Once your insurance claim is approved, you will receive a detailed estimate from your insurance company along with a partial payment for repairs. Usually the check is mailed separately. The majority of insurance claims are paid in a two check process. The first is to begin repairs; the second check is paid upon completion of all repairs.
What does ACV, Depreciation, and RCV imply on my insurance estimate?
The (ACV) represents the 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 Depreciation (2nd check) is the value that you will receive once the project is completed. The (RCV) represents the Replacement Cost Value. When adding the ACV + Depreciation together you will get the RCV. Replacement Cost Value is exactly how it sounds, the value that it costs to replace damaged items on your roof and exterior.
Why does my insurance check include the name of my mortgage company?
Your Mortgage Company holds the note or deed to your property and has a vested interest in the completion of major repairs on your home. The mortgage company is usually named on your insurance policy—therefore it is also included on your insurance claim check. Your mortgage company requires us to provide specific documentation and paperwork in order for you to receive your initial check. At Dimensional Pro, we are very familiar with this process and can help prepare all the necessary documentation and paperwork.
How much will this cost me?
Your total out-of-pocket cost is always known before signing a contract. Dimensional Pro assumes any pricing risk involved in the installation of your new roof or other repairs. You know exactly what your expense will be. Dimensional Pro understands the entire insurance process and is willing to work with the insurance company on your behalf.
Dimensional Pro will complete the paperwork for recoverable depreciation, obtain endorsements from mortgage companies on insurance proceed checks, file supplemental claims when necessary, and, most importantly, wait for the insurance company payment. The only deposit required is the deductible and actual cash value payment from the insurance company. Once the work is complete, a payment equal to the actual cash value and deductible is due. Final payment is not due until all insurance proceeds have been received by you. Repairing hail damage or wind damage on your property with equivalent material and quality is required and expected by your insurance carrier and mortgage holder, if applicable. Utilizing the insurance adjustment to define the scope of work insures proper replacement and repair.
How do insurance payments work?
The insurance claim process has changed over the years due to the high amount of scams and fraudulent insurance claims filed. Getting a lower “bid” for an insurance claim won’t save you any money. Insurance companies use a two payment method to pay out insurance claims. The insurance company only releases the second check upon proof of cost + proof of completion. They will only release applicable depreciation up to what you incur. In other words, if you choose a company that gives you a low estimate and provides standard work, the insurance company will pay only the amount of the low estimate.