insurance terminology/ claims process

Deductible- your out of pocket expense. (usually 1% of your homes insured value)

 Recoverable depreciation =second check coming/ replacement cost vaue policy. (RCV)

Non-recoverable depreciation= no second check coming / actual cash value policy. (ACV)

Depreciation is set by age and condition, over 95% of policies have recoverable depreciation.

Xactimate-  the universal cost estimating program used by most insurance companies. 

 We have a current working version and ten yrs experience using it.

The  estimate might have mistakes in it.  Give us a chance to review it and correct any errors.

The adjusters work long hours and are only human.  They're not trying under pay the claim. 

If the estimate is written correctly, we will do the work for that estimate. 

Your only expense will be your deductible (w/ an RCV policy)

There are time lmits to complete the work in order to get the recoverable depreciation. 

 This varies by  insurance company.  Some allow 6 months, others one year.  

We will file for the depreciation, it can take up to 2 week to arrive.