The information on your insurance estimate is important when navigating the claims process and will help you receive the appropriate compensation for your damages. Knowing how to read your insurance estimate with help you communicate effectively with your insurance adjuster and roofing contractor.
The document below is organized into three main sections:
- Estimate Cover Page: An overview of essential contact information and claim details.
- Estimate Details: A brief explanation of the damage covered, including costs, depreciation, and values.
- Estimate Summary: A high-level summary of costs, coverage, and the net claim amount.
This guide will provide a brief explanation including a clear breakdown of the key sections and terms included in your estimate.
Estimate Cover Page
The estimate cover page provides the following information:
A. Adjuster’s contact information
B. Your claim number
Important information about the claims process will be on the second page of your estimate.
Estimate Details
The estimate details outline the damages covered by your policy, which is important to share with your contractor.
C. Description – Details describing the action or item being estimated.
D. Quantity – The number of units for an item.
E. Unit – The cost of a single unit.
F. Replacement Cost Value (RCV) – The estimated cost of repairing a damaged item or replacing an item with a similar one.
RCV is calculated by multiplying Quantity x Unit.
G. Age/Life – The current age and its life expectancy.
H. Depreciation – Loss of value that has occurred over time due to factors such as age and wear and tear.
If depreciation is recoverable, the amount shown will be in parenthesis. For example (81.61)
I. Non-Recoverable Depreciation – If depreciation is non‐recoverable, the amount shown will be shown in brackets. For example, <506.94>
J. Actual Cash Value (ACV) – The estimated value of the item or damage at the time of the loss.
Generally, ACV is calculated as Replacement Cost Value (RCV) minus Depreciation.
K. Totals – The total RCV, depreciation and ACV for that area.
L. Labor Minimum – Additional labor to perform small repairs for a certain trade.
Your Estimate Summary
Each line of coverage in your estimate has a summary page that shows the total estimated cost (RCV and ACV) and the net claim amount for the coverage included in your policy.
The example below shows both Dwelling and Other Structure coverage summaries.
M. Line-Item Total – The sum of all the line items for that particular coverage.
N. Replacement Cost Value – The total RCV of all items for that coverage.
O. Actual Cash Value – The total ACV of all items for that coverage.
P. Deductible – This is the amount of the loss that you are responsible for. Some polices have different deductibles that could apply based on the type of loss you sustained.
Please refer to your policy declarations page for further explanation.
Q. Net Claim – The amount payable to you after depreciation and deductible have been applied.
This amount can never be greater than your coverage limit.
R. Total Recoverable Depreciation – The total amount of depreciation you can potentially recover.
We aim to educate our customers about this process as we recognize it’s a lot of information for the average homeowner to process. It’s our goal to empower homeowners to take the necessary steps toward resolving their claim.
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