There are many steps to take before you file an insurance claim for a storm-damaged property. After successfully doing so, you need to prepare for the next task – reading and understanding the insurance loss statement or the proof of loss. Since some people may feel intimidated, especially when they have not filed a claim before, we will gladly walk you through the insurance adjuster statement of loss. Here is a brief guide.
1. Assess all damage. Make sure to document and take photos of all the damage your home or commercial building has sustained. Make a comprehensive list of every component or material that needs to be repaired or replaced. This is best done with the help of a local roofer that is well-versed in the insurance claims process. This allows you to understand the amount of loss better than the insurance adjuster and helps you present while the adjuster writes the statement of loss.
2. Obtain the statement of loss. Obtain a physical copy of the statement of loss by the insurance adjuster. Most times, the home or business owner will be present while this is created. The statement of loss will be handed to you after the adjuster completes the property inspection.
3. Review the statement of loss. The document will show itemized lists of the following: the estimated cost to replace or repair each item (RCV), the depreciation or the money held back until the replacement or repair is finished,and the projected actual cash value – or RCV minus the depreciation and the amount you are estimated to acquire to repair the damage.
4. Gather all repair or replacement estimations. Give them to your insurance company when filing your insurance claim. If the claim is approved, the insurer will adjust the depreciation section to show the actual repair or replacement expenses. They will send a check to cover the new cost.
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