Insurance 101

IT’S SIMPLE!

1. CALL US AT (208) 314-3002

2. HAVE OUR TECHNICIAN DETERMINE IF THE PROPERTY HAS DAMAGE

Determine if damage is greater than your deductible

3. AUTHORIZE US TO WORK ON YOUR BEHALF

after you, your insurance company and we have determined damages and agree upon the costs of the repairs. Discuss time frames, expectations and payment terms before scheduling.

4. THE JOB IS SCHEDULED AND THE ROOF IS BUILT

The time of replacement can vary due to weather, size of home, and availability of product choice. Our normal scheduling time is 1-2 weeks upon approval. Our average time from start to completion is 1-2 days depending on the complexity of the job.

5. SUBMIT INSURANCE THE CERTIFICATE OF COMPLETION

After the work is completed and you are completely satisfied we will submit this form to your insurance agency to receive final payment (RVC).

Insurance Terminologies Defined

ACV

In the property and casualty insurance industry, Actual Cash Value (ACV) is a method of valuing insured property, or the value computed by that method. Actual Cash Value (ACV) is not equal to replacement cost value (RCV). ACV is computed by subtracting depreciation from replacement cost.

You have a fire loss at your home that was built in 1980. The fire causes $100,000 RCV in damages. The insurance company deducts $30,000 in depreciation from the RCV of $100,000 and issues an ACV payment of $70,000.

RCV

You would only be able to recover the depreciation of $30,000 if you incurred that expense over the ACV payment of $70,000. The insurance company would require additional documentation (i.e. receipts, contractor’s invoices, and/or a completion inspection) before the recoverable depreciation could be paid.

DEPRECIATION

The deduction based on the age and useful life of that item(s).