ROOF INSURANCE GUIDE

Roofing Insurance Claim Guide 
in Springdale, AR

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Insurance Guide

How it Works:  

Homeowners insurance policies offer actual cash value or replacement cost coverage to replace your damaged, stolen, or destroyed personal property. Refer to your policy or talk with you insurance agent to determine which type of coverage you carry on your home. Most policies in our market area are Replacement Cost Coverage.
  • Replacement cost is what you would pay for the item at today’s cost.
  • Actual cash value is what you would pay for a similar item at today’s cost minus depreciation (replacement cost minus depreciation).
  • Depreciation is a decrease in value due to wear and tear or age.

Important Insurance Terms

Insurance Claim 
Notification to insurance company by property owners that they have damage/ potential damage.
    Adjuster 
    Insurance representative who examines property and determines damage.
      Estimate
      A written cost assessment determined by insurance company or roofing contractor to replace or repair damaged roof.
        Deductible
        The portion of the estimated repair/replacement cost that the property owner is responsible for paying. This can vary widely by policy. Refer to your policy or check with your insurance agent to confirm your deductible.
          Depreciation
          The decrease in a roofs value from the original construction cost. Each year a roof decreases in value simply because of age and wear.
            ACV /Actual Cash Value
            The portion of money after the deductible and depreciation is subtracted. 
              RCV /Replacement Cost Value
              The total amount to be paid by insurance company upon completion of the job. It is the total calculation of the actual cost value plus the Recoverable Depreciation.

                To learn more about how Pinnacle Roofing can assist you with a roofing insurance claim, contactus today. Our experience with filing an insurance claim for a roof repairs will guide you through the roof insurance claims process. 

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