Filing an insurance claim is generally a straightforward process but it can be overwhelming for anyone doing it for the first time. To help you get started, the experts in water and fire restoration, Allstar Construction, are here with a quick guide to help you understand insurance estimates.

The Statement of Loss
Make sure you review your statement of loss and that you understand all items listed in the document. The statement of loss is written by an insurance adjuster to itemize:
- Replacement Cash Value (RCV) – all estimated costs to repair or replace every item
- Depreciation – money that was held back until repairs or replacements were completed
- Actual Cash Value (ACV) – the amount estimated you can expect to receive; calculated by subtracting depreciation from RCV
What Is a Net Claim?
A net claim is an amount paid to you, calculated by lessening your deductibles (out-of-pocket costs shouldered by a homeowner) from the ACV. Typically, insurance payments are split into two, with the net claim paid out first to get work started. Once restoration work for your home is completed, you can send your insurance company an invoice from your roof or siding contractors to receive the rest of your payout. Insurance companies follow this arrangement as a form of insurance to guarantee that payouts will be indeed used for repairs or replacements, as stated in a claim. In the end, this will lead to everything being paid, except for your deductibles.
Quick Tip: Be Mindful of Deadlines
Once your insurance adjuster provides you with a statement of loss, you have a set number of days (usually 60) to return the document if you are filing a claim.
One of the most trusted roof repair companies around, Allstar Construction is your go-to choice for all your home restoration requirements. To learn more about what we can do for you, simply give us a call at (952) 698-3200 or fill out our contact form. Request a free estimate today!