If you’ve recently filed a roof insurance claim, you’ve probably received an estimate from your provider. While the paperwork can feel overwhelming, knowing how to read your insurance estimate is crucial to making sure you’re getting the coverage you deserve. At NOCO Roofing, we help homeowners break it all down.
The Structure of an Insurance Estimate
Insurance estimates usually include:
- Policyholder details
- Claim information
- A breakdown of costs
Understanding each section helps ensure your policy is being applied correctly.
Key Terms You Need to Know
- RCV (Replacement Cost Value): The full cost to replace damaged property with materials of similar kind and quality.
- Depreciation: The reduction in value due to age and wear.
- ACV (Actual Cash Value): The initial payment you receive, calculated as RCV minus depreciation.
- Deductible: The amount you pay out of pocket before insurance coverage applies.
Reviewing the Scope of Work
Your estimate should include a scope of work outlining what repairs are covered. Always verify that all necessary repairs and code-required updates are listed. If something seems missing, ask your adjuster or bring in a roofing expert for a second opinion.
Double-Check Payment Details
Confirm that the calculations between RCV, ACV, and depreciation align. Also, review how much you’re responsible for paying in deductibles. After repairs are completed, your insurer may release additional funds (recoverable depreciation) to cover the full replacement cost.
Why a Second Opinion Matters
Insurance adjusters sometimes miss essential items. A professional roofing contractor like NOCO Roofing can:
- Ensure the estimate is fair and complete
- Identify missing repairs or code requirements
- Provide documentation to support corrections
Peace of Mind with NOCO Roofing
Understanding your insurance estimate doesn’t have to be stressful. With the right knowledge and expert support, you can move forward with confidence.
Need help reviewing your insurance estimate?
Contact NOCO Roofing for expert guidance and a second opinion you can trust.
