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Understanding Your Insurance Policy


Our Role

We can:

  • Meet adjuster to go over their scope of loss
  • Settle number to get all the work done properly
  • Walk though insurance papers and answer and questions you may have about them
Send completion notice to insurance company to release depreciation

Understanding your insurance

Basic Terms:

ACV – Actual Cash Value (Non Recoverable Depreciation)

RCV – Recoverable Cash Value (Recoverable Depreciation)

Depreciation – is what the Insurance Companywill hold back until work is completed

Deductible – Amount you have to pay out of pocket to have work completed

Premium – Amount you pay monthly or yearly for your insurance coverage

If you have suffered a loss that is covered under your insurance policy you will need to file a claim. Your insurance company will then send an adjuster to confirm the amount of damage. Once the value of the damaged property has been assessed, you will be offered a settlement amount. If it is not sufficient to cover your losses, Artown Roofing & Contracting can come to an agreement with your insurance company on your behalf.

If your insurance policy provides replacement cost coverage for some or all of the loss or damage to your dwelling or structures.  It is important to understand what type of policy you have. 

If you have an ACV (actual cash value) policy, is the amount your insurance company determines the actual value of your roof to be worth right now.  The insurance company estimates the age and condition of the damaged area(s) of your dwelling or structure and depreciate based on their findings.  The insurance company will not pay the full replacement cost on an ACV policy.   You will be responsible for paying the depreciation and deductible to Artown Roofing & Contracting on an ACV policy.

If you have an RCV (replacemnt cost value) policy the insurance company will pay the full amount for work to be completed less your deductible.   In this case you will receive two checks, the first for the ACV amount and the second for the depreciation amount (RCV).  Depending on your insurance company the RCV check may be released when substantial repairs or replacement are underway, or after work has been completed on your dwelling or structure.   Artown Roofing & Contracting will submit the appropriate documentation to your insurance company for you to receive your RCV depreciation if you have this type of policy.  You will be responsible for paying your deductible to Artown Roofing & Contracting on a RCV policy.

In some instances you may have to send your insurance check(s) to your mortgage company for endorsement.  Please make Artown Roofing & Contracting aware of this situation as soon as possible.
Homeowners are responsible for paying for any upgrades and wood replacement.

Insurance Companies

Do you need help working with your insurance company? If so just call the insurance company that currently represents  you. We will work with ALL insurance companies, please contact us as to how to proceed.

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