The 7 Steps of the Insurance Claims Process:
What EVERY Homeowner Needs to Know…
01.
Step 1
Homeowners have a limited amount of time to file a claim and complete necessary repairs that are related to a claim. Per your individual policy, you may have anywhere from 3 months to 24 months to file AND complete work caused by storm damage. Our Home Exteriors Specialist will show you the storm map and report, as well as conduct a no-obligation free inspection of your property to assess if your property sustained any damage.
02.
Step 2
If damage is found it will be photographed and marked so it can be shown and explained to you. If no damage is found you will know your property remained in pre-storm condition and you have nothing to worry about.
03.
Step 3
Your insurance company needs to be notified of damages found, and the insurance company will send out an adjuster/inspector to assess the damages on the insurance company’s behalf. Our Staff member will help you call your insurance company while onsite to answer any questions about the damage that they may have.
04.
Step 4
Your AE Representative will meet the Insurance Adjuster on site to make sure that ALL of the damage is thoroughly documented for the claim.
05.
Step 5
If the claim is approved, you will receive a report called the “Scope of Loss”, this explains in detail what the insurance company is agreeing to pay for. This report should be forwarded to your AE Representative right away so we can review it for you and make sure the insurance company is paying for what they should and at the correct dollar amounts. If the Insurance company is not covering what they should, then Affordable Exteriors will take on the Insurance Company for you through a process called “Supplementing a Claim” in an attempt to get you the coverage you have been paying monthly premiums for.
06.
Step 6
You will receive the first of two checks. The first check is called the “Actual Cash Value or ACV” . This check is normally about 2/3 of the project cost and allows you to choose a contractor and get the project started.
07.
Step 7
Once the work has been completed in full, Affordable Exteriors will send in a Final Invoice showing the total cost of the project. The insurance company will then release the second check called the “Depreciation”, this check can only be made to match the total cost of the final invoice. Insurance companies will only pay the actual repair cost minus the deductible. A homeowner never gets to “Keep the difference” by finding a cheaper contractor. It is illegal for a homeowner to profit from an insurance claim, all you would be doing is saving your insurance company money on the final payment.
*****Important Note Regarding Current Insurance Process*****
It is illegal to profit off of insurance claims. Therefore, getting bids is no longer helpful to the homeowner because insurance now pays for what the job actually costs. This is a good thing for homeowners, you now can pick a contractor based on things that matter not just lowest price. In construction especially “You get what you pay for.”