Property frequently
asked questions
·
How do you calculate
the estimate for my damages?
Our claim representatives write your estimate using
state-of-the-art software that takes into account local material prices and
labor rates. Our estimating software is identical to software used by most
insurance carriers, and our estimates are based on quality materials comparable
to those found in your home before it was damaged.
·
What do the terms
"Actual Cash Value" (ACV) and "Replacement Cost Value"
(RCV) mean?
Replacement Cost Value (RCV) is the current cost of repairing or
replacing a damaged or destroyed item with a similar one. Actual Cash Value
(ACV) is the value of the damaged or destroyed item at the time of the loss.
Generally, ACV is calculated as RCV minus depreciation.
·
What is depreciation?
When is it applied to my loss, and can I get any money back for it?
Depreciation is the loss of value that occurs over time due to
factors such as age, wear and tear, and obsolescence. If you have replacement
cost coverage included on your policy, you may be able to receive additional
money to cover the depreciation of these items. If this is the case,
reimbursement may involve two or more payments — one for your initial payment
based on the actual cash value of your items and then additional payment(s)
once you repair and/or replace the damaged items and provide us with
documentation.