Some call it a statement of loss while others know it as a proof of loss. Whatever you may know it as, it’s always prepared by a claim adjuster representing your insurance company, and it details the items damaged by a disaster. This document itemizes what needs repairs or replacement.
Your GAF roof may come with one of the strongest warranties in the industry, but that warranty is likely to cover only manufacturing defects. It may also include a workmanship warranty, which is your protection in case the contractor makes an error in your roof installation. However, a warranty does not cover damage caused by a storm or any other disaster. For that, you need your home insurance to help you foot the bill.
How do you know that you’re looking at the right insurance estimate for your roof and the rest of your home? You’ll need to learn how to read your insurance adjuster’s statement of loss. Here’s the information you need.
Assess the Damage
When it’s safe to do so, assess the damage to your home (or business). Use a camera (or your smartphone) to document the damage. Carry a notebook and a pen to write down everything that’s damaged or blown away by the storm. The video footage, pictures and your list will help you put together a good presentation that will help your insurance adjuster when they arrive.
Get a Statement/Proof of Loss
Ask your insurance adjuster for a copy of your statement or proof of loss. You might already be there when the adjuster prepares it, so the person will simply hand it to you when they’re done. In other cases, the statement will arrive in the mail.
Review the Statement/Proof of Loss
There are several things to review in your statement:
- The replacement cash value (RCV): This is the estimated cost of repair or replacement for each item on the list.
- The depreciation: This is the money that’s held back until your roof repair or replacement is done.
- The projected actual cash value (ACV)” This is the replacement cash value minus the depreciation and the money you’re estimated to receive as payment for the repair or replacement.
Gather Your Estimates
When you file your insurance claim, submit a copy of your estimates from contractors or stores. Your insurer will approve the claim, and this is when the depreciation is adjusted to reflect the actual cost of repair or replacement. Your insurer will send you a check to cover the adjusted total.
To get an estimate for your storm-damaged roof, get in touch with Home Remedy USA. We offer residential roofing repairs and replacement. Call us today at (800) 273-6080, or use the form here to tell us about your project.