Understanding Insurance Estimates for Storm Damage Claims

In the property insurance industry, a statement of loss — or proof of loss — is a document prepared by the claim adjuster to accurately itemize the damaged goods that are in need of repair or replacement after a disaster, such as a severe storm event. To help you understand insurance estimates, vinyl window installation company Timberland Exteriors shares a few important steps you need to take.

1. Assess the Damage

The first step is to document the scope of damage to your home with a camera as proof. It is also a good idea to make a list of all the things that need to be repaired or replaced. After all, you will know the extent of loss that occurred a lot better than the insurance adjuster.

2. Obtain the Statement of Loss

After itemizing the damaged possessions, the insurance adjuster will send you a statement of loss that you must file with your insurance company to initiate the claims process. In many cases, you, the homeowner, will be present while this document is completed.

3. Review the Statement of Loss

In addition to the itemized damaged goods, the statement of loss will show the estimated cost to repair or replace each item (replacement cash value), the depreciation and predicted actual cash value (which is the RCV minus the depreciation), and the estimated amount you are to receive to perform the storm damage restoration.

4. Gather Estimates

It is recommended that you gather multiple estimates from several contractors before filing your storm damage claim. These estimates will serve as a reference to accurately determine the amount you need for the repair or replacement.

Timberland Exteriors is a leading provider of storm damage restoration services in and around St. Paul, MN. Our experts also offer assistance with filing storm damage claims and vinyl siding installation to help homeowners restore their homes back to their original condition in no time. To schedule an appointment, call (651) 439-1760 (Maplewood) or 651-439-1760 (Detroit Lakes) or fill out our online form.