Public Insurance Adjusters in San Antonio 2

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Article Here: Public Insurance Adjusters in San Antonio 2

Actual Cash Value Versus Recoverable Cash Value Definitions: Everything You Need to Know

Insurance policies have two different definitions of value: Actual Cash Value (ACV) and Recoverable Cash Value (RCV).

These two definitions will play a significant role in your insurance claim.

Today, we’re explaining the difference between these two definitions – and how those differences could affect you.

The Difference is Whether or Not Depreciation is Covered

When damage occurs to your property, your insurance company must pay you an indemnity to cover your losses. Indemnity is the payment for that loss by the insurer (your coverage provider) to the insured (you).

That indemnity is designed to restore your property to its pre-loss condition. Its goal is to make your property become “whole” again – like to the condition it was in five minutes before the incident occurred.

The insured individual should not make a profit off the indemnity. It’s designed to fully recover your loss – nothing more and nothing less.

But what happens when your 15 year old refrigerator is damaged in a house fire? Do you get the same coverage as you would for your 2 week old refrigerator? That’s where ACV and RCV come into question.

Actual Cash Value = Replacement Cost – Depreciation

The best definition for ACV Is that it’s replacement cost minus depreciation.

Replacement cost is the actual cost in today’s dollars to repair or replace your property back to pre-loss condition.

Depreciation is a deduction based on age and the useful life of that property – i.e. the condition it was in prior to your loss.

To understand exactly how this works, let’s take a look at a situation faced by many homeowners after a devastating event like a house fire.

RCV and ACV in Homes Damaged by Fire

Let’s say your house – built in 1970 – is damaged by a fire that causes $50,000 RCV in damages. Repairing your home to its pre-loss condition would cost $50,000.

However, the insurance company deducts $10,000 deprecation from the RCV of $50,000, thus calculating an ACV payment of $40,000.

Now, if you have an ACV insurance policy, then you will be paid $40,000 for the fire that ravaged your home, and you will not be compensated for the amount of depreciation experienced by your home.

If you have an RCV insurance policy, you would only be able to recover the deprecation of $10,000 if you incurred that expense over your ACV payment of $40,000. To prove this, your insurance company will request additional documentation – like receipts, invoices, and a completion inspection. Once you have this, the insurer is required to pay the recoverable depreciation.

ACV Insurance Policies Cost Less and Pay Out Less

When you’re comparing home insurance policies, you’ll inevitably find that ACV insurance policies are cheaper than RCV insurance policies.

Of course, the downside is that ACV insurance policies won’t cover depreciation. Deprecation on any property – even newer ones – can account for a substantial percentage of a home’s value.

Do you want lower premiums today and take the risk of a lower payout in the future? Or are you willing to pay a little more today for larger payouts in the future? That’s the central question of any insurance policy – and you’ll want to think about it carefully.

Public Adjusters Can Fight for Higher Values and Lower Depreciations

Your insurance company’s goal is to pay you the lowest amount they’re legally required to pay. That’s why many insurance companies offer aggressive depreciation values.

If you think your insurance company has given your property a depreciation that’s too aggressive, then you may wish to hire a public adjuster. Public adjusters help you fight back against your insurance agency. They strive to lower depreciation and raise your ACV.

Whether you have a RCV or ACV insurance policy, a public adjuster can help you save tens of thousands of dollars and ensure you get the amount to which you’re legally entitled.

Article Here: Actual Cash Value Versus Recoverable Cash Value Definitions: Everything You Need to Know

Understanding Your Insurance: 6 Common Myths About Home Insurance Coverage

Your home is your most important investment. You have home insurance to protect that investment. But do you really fully understand your insurance coverage? Insurance policies can often be ambiguous, or hard to understand - sometimes quite intentionally. Today, we’re debunking some myths many people believe about home insurance.

6) Myth: Everyone Exaggerates Their Losses and It’s Okay

You may be tempted to over-inflate your losses and think, “Hey, I’m just getting my money’s worth on my insurance policy.” Besides, everyone does it, right?

The truth is: you’re way better off being honest from day one. If your insurer has even a bit of evidence that you’re padding your claims, then every future claim is going to go under intense scrutiny. One bit of dishonesty today could destroy the relationship between you and your insurer.

In more serious cases, it could also be fraud.

So if you’re thinking that your 42 inch TV kinda looked like a 60 inch TV from a certain angle, and you’ve always wanted a new 60 inch anyway, then you should probably think again. Insurers have decades of experience dealing with these types of cases.

5) Myth: Personal Injuries Experienced in your Own Home Are Covered by Insurance

It’s understandable to see why this myth persists. Some people believe their home insurance policy will provide a payout when they’re injured at home.

Unfortunately, that’s not typically the case. Consult with your health insurance provider to cover your own personal medical costs. Your homeowners’ insurance policy does have a liability portion – however, that’s designed to cover liability for guests injured on your property. It does not extend to you or your family members.

If you have a lot of negligent friends who get injured on your property frequently, then consider looking at “no-fault” medical coverage on your home insurance policy. This no-fault protection pays your guests’ expenses without tapping into your liability coverage. If there are just 2 or 3 incidents, it can pay for itself.

4) Myth: You Should Insure Your Home For Its Market Value

This is where things can get tricky. You may think it makes sense to insure your home for its market value. In reality, however, the best option is to insure your home for what it would cost to rebuild and replace it.

That’s a particularly important difference if you live in a city or region where home prices are rising quickly.

Why is this an important difference? Well, if you insure your home for market value, then you’re paying a premium on your insurance policy even though your home wouldn’t cost that much to repair or rebuild.

On the flip side, if you live in an area with a depressed home market, then it could cost far more to rebuild your home than it’s worth if you tried to sell. Talk to your insurance company to understand how much it would cost to replace your home after a total loss.

3) Myth: Your Insurance Policy Covers Everything In Your Home

Your house burns down in a horrible fire. You’re devastated, but you think,“Well, at least everything is covered in my insurance policy.”

Unfortunately, that’s not always true. Insurance policies may not cover everything in your home. For example, some insurers place limits on coverage for certain possessions – like jewelry or rare items. If you own a lot of these possessions, then your insurer may require you to purchase an endorsement, or add-on, to cover these items.

Talk to your insurer today to make sure everything in your home is covered in the event of a loss.

2) Myth: Older Homes Have Lower Insurance Costs

Some people buy older homes thinking that they’ll come with cheaper insurance.

The truth is, older homes may rely on unique construction techniques, outdated items, and other things that are difficult to emulate, repair, or rebuild by modern homeowners.

So if a flood knocks out part of your ceiling and flooring, then repairing that ceiling and flooring in an older home could be significantly more expensive than just replacing it entirely in a new home.

Crown molding, hardwood floors, plaster, stained glass, and other parts of older homes can cause your insurance rates to rise. Talk to your insurer to determine how much it would cost to fix or replace your home. Get a few different quotes. Typically, older homes won’t be as cheap as you think.

1) Myth: I Can’t Understand The Legalese And Ambiguous Language In My Home Insurance Policy, So Why Bother Reading it?

Insurance policies need to have at least some legalese. However, laws in Texas and many other states prevent the home insurance policy from having too much legalese.

If your home insurance policy has vague wording, ambiguous wording, or wording that is difficult for “a person of average intelligence” to understand, then you may have a claim against your insurer in court. In the state of Texas, ambiguous language in an insurance policy that is taken to the courts will be ruled in favor of the policyholder. Meaning courts will side with the homeowner in cases like this. Thus, it’s in your insurance agency’s best interests to make sure you understand every word in your policy.

You shouldn’t be afraid to look at your insurance policy. It’s one of the most important pieces of protection you have against the unknown. If you believe your insurer has mishandled your case or offered inadequate compensation, talk to ClaimsMate today and get the help you need from beginning to end.

See More Here: Understanding Your Insurance: 6 Common Myths About Home Insurance Coverage

5 Surprising Things You Need to Know About Wind Damage Insurance Claims

Wind damage insurance claims can be tricky. Some insurance policies go into tiny detail about the type of wind damage that’s covered. Today, we’re helping you understand your insurance policy by explaining 5 important things you need to know.

5) Most Insurance Policies Cover Wind Damage

The average homeowner’s insurance policy will cover wind damage caused by a storm. This is one of the main risks to your home, and your insurer is expected to cover damages related to wind.

The only two major catastrophic events that aren’t typically covered by your insurer are floods and earthquakes. Sometimes, if there’s a storm that creates windy weather and flooding, it can be difficult to determine which event caused which damages. That’s where a public adjuster can help.

4) Your Insurance Company is Obligated to Repair or Replace the Roof, Whichever Costs Less

Your insurance company has a legal obligation to repair or replace the roof, whichever costs less. That may sound like a basic idea, but it can run into some problems in practice.

First, your shingles and roofing may have discolored with age. Adding new parts to your roof may lead to cosmetic problems, but replacing the entire roof is impractical and outside of your due compensation.

Most insurance companies are aware of this problem. They’ll try to strike a compromise between cosmetic value and repairs.

Additionally, roofs that are near the ends of their expected lives may be replaced in this situation. Many homeowners decide to simply replace the roof and take advantage of the insurance compensation (which covers replacing the part of the roof that was damaged).

3) Understand the Danger of Anti-Concurrent Causation Clauses

Many homeowner insurance policies have something called an anti-concurrent causation clause built in. That clause states that when two disasters occur simultaneously and the homeowner is only covered for one, then the insurer will not cover your damages.

In practice, this means that if a windy storm blows the roof off your home, and then your home floods, then your insurer could refuse to cover any damages because flood insurance wasn’t included in your policy.

2) Wind Coverage Isn’t Standard in Some Parts of Texas

In most parts of America, wind coverage comes standard on all policies. In certain parts of Texas, however, that’s not the case. In windy regions of the state, insurers will often charge extra to protect against wind damage.

In fact, some insurers just refuse to cover any type of wind damage in Texas. Home owners in 14 coastal counties in Texas must buy wind insurance coverage from a special pool called the Texas Windstorm Insurance Association.

If you’re in a hurricane-prone part of Texas or any region, double check your homeowners’ insurance policy so you understand your coverage.

1) Hire Local Contractors with Experience Repairing Wind Damage

When a windstorm strikes a region, contractors from all over the state might travel towards a specific region hoping to cash in on the insurance claims. These storm-chasing contractors may not provide the highest quality of service – which is why you might choose to work with a qualified local company.

Contrary to what you might expect, you don’t always need to submit three estimates to your insurer. Talk to your insurer to learn more because each individual policy is different.

ClaimsMate is a team of handpicked public adjusters who specialize in wind damage insurance claims. If you’ve experienced wind damage on your property and you want to maximize your insurance policy, then ClaimsMate can help. Get in touch today and we’ll analyze your case and help determine how much money you could save by using a good public adjuster.

Read Full Article Here: 5 Surprising Things You Need to Know About Wind Damage Insurance Claims

Important Things You Need to Know About Roof Hail Damage Insurance Claims

In Texas, it’s not uncommon to get hail the size of golf balls. Our state’s crazy weather leads to plenty of hail-related insurance claims.

Today, we’re talking about one of the most common hail damage insurance claims: roof damage. Was your roof damaged in a hail storm? Here are the most important things you need to know about filing a claim.

What To Do Immediately After The Storm

If you just experienced a hailstorm and are wondering how to proceed, here are some important things to keep in mind in the aftermath of the storm:

-Note the date and exact time of the storm, including when you believe damage to your property occurred

-Take photos of your yard, home, and property after the storm, being sure to focus on areas of damage

-Look for obvious signs of damage on your roof, like missing or torn shingles

-Grab your tape measure (or some other measurable object, like a golf ball) and place it next to hailstones on the ground, then take pictures. Consider grabbing a few hailstones and measuring them on camera.

-Take a picture of your outside air conditioning unit, as hail can wreak havoc on air conditioners (they can dent and block cooling fins, blocking the air flow)

You Don’t Need A Leak to Have Roof Damage

Some homeowners mistakenly think that their roof is fine after a hail storm because they don’t have any leaks.

That’s not true: you can still file an insurance claim on a damaged roof without a leak. Don’t wait for a leak to appear before you file a claim. Most roof hail damage insurance claims do not involve leaking roofs.

Contact A Roofing Contractor

Before you contact your insurance company, get in touch with a roofing contractor to assess the damage to your home. This assessment should be free: roofing contractors consider these assessments a cost of doing business, and they base their work on whether or not your insurance claim will be approved.

When looking for a roofing contractor, be sure to contact one who is factory-certified (GAF Master Elite and CertainTeed Premier are the two most common certification systems for roofers in America). Then, check the Better Business Bureau or other review sites online to ensure the roofing contractor is honest and provides high-quality service.

Make an appointment with the contractor, be at home during the inspection, and make sure the contractor knows that no repairs will be made during this time. Also make sure to point out to the roofing contractor the specific areas of damage.

Contact Your Insurance Company

Take a look at your insurance policy and then contact your company. Organize your records, facts, and photographs. Give your insurer the necessary information. You’ll receive a claim number.

If your insurance company refuses to honor the claim, or is being difficult, then consider contacting a public adjuster to help defend your case.

Contact A Public Adjuster

Remember: ClaimsMate specializes in roof hail damage insurance claims in Texas. If your home’s roof was damaged in a recent hailstorm, then ClaimsMate can help. Our public adjusters work diligently to maximize your claim and fight back against your insurance provider. If your provider is refusing to cover hail damage for any reason, get help by contacting ClaimsMate today.

Learn More Here: Important Things You Need to Know About Roof Hail Damage Insurance Claims