The Roofer Conflict: Roofers have a financial incentive to push for a claim. Never sign an Assignment of Benefits (AOB) agreement before an independent claim evaluation. The ACV vs RCV Trap: If your policy pays Actual Cash Value (ACV) for a 15-year-old roof, heavy depreciation means your payout will likely be minimal after deductibles. Hidden … Read more
Most standard replacement cost policies use a “two-check system” to pay out claims. The first check you receive is almost never the final settlement amount. The first check represents Actual Cash Value (ACV), which is the cost to repair the damage minus depreciation for age and wear. To get the withheld money (Recoverable Depreciation), you … Read more
Never sign a public adjuster contract on the spot immediately following a major storm or disaster. Take time to read the specific terms. Ensure the contract explicitly states whether the fee percentage applies to the entire claim settlement or only to the new money the adjuster recovers above your prior offer. Most regulated states require … Read more
Standard homeowners insurance covers water damage if it is sudden and accidental, such as a burst pipe or a washing machine hose rupturing. Gradual water damage, like a slow plumbing leak that occurs over weeks or months, is almost always excluded because insurers view it as a maintenance issue. The coverage decision often comes down … Read more