ENGLISH
CONSTRUCTION, INC.
Serving Southern Indiana Since 1955
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ENGLISH
CONSTRUCTION, INC. Serving Southern Indiana Since 1955 |
REMODELING & INSURANCE REPAIR SPECIALIST
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FREQUENTLY ASKED QUESTIONS What's the difference between Replacement Cost Value (RCV) and Actual Cash Value (ACV)?
Replacement cost insurance coverage provides for a damaged item to be replaced for what it will cost at today's fair market price of equal kind and quality, regardless of how old the item is. It provides protection to your property at today's market value. Your insurance policy should state whether your coverage is replacement or actual cash value.
Actual cash value provides just that actual cash compensation for the balance of the life expectancy of the damaged item. For example: let's say the type of carpet currently in your home has a 10-year life expectancy. If it becomes damaged when it is only 5 years old, the insurance company will not pay the total price to have it replaced. They will only pay for the unused portion of the balance of the item's life.
Which adjuster settles my claim?
There are three types of insurance adjusters.
The first is the Company Adjuster. This is the representative of your insurance company, employed directly by your insurance company.
The second is an Independent Adjuster, which is contracted by your insurance company to resolve the loss. Instead of using their own employed Adjuster, sometimes the insurance company subcontracts (or hires) an Independent Adjuster. The Independent Adjuster turns his reports into the insurance company's adjuster.
The third is a Public Adjuster. They are hired and paid directly by you. The insurance company does not cover their payment. A good public adjuster assists you with inventories and scope research. They can meet and interview with contractors. They can act as your liaison to the contractor and your insurance company's adjuster. They'll help make sure nothing is overlooked or missed by the contractor or insurance company's adjuster.
Is it true most insurance policies don't cover the cost to repair or replace the item, which caused the damage?
Insurance policies usually cover the resulting damage from a sudden and accidental event. The resulting damage it caused to your property and contents is usually covered, but the cost to repair or replace the item, which caused the damage, is not.
Am I required to use the Insurance Companies Contractor?
No! You are free to hire whichever contractor you desire to perform the restoration work on your property. Many contractor's, as does English Construction, Inc., work closely with insurance companies to expedite the restoration of your damage, and to get your life back to normal as quickly as possible. If in doubt about a contractor, ask for references and proof of insurance. Read a copy of their written proposal before signing any agreements. Make sure you understand exactly what the contractor plans to do to repair your property including when they can start and when they expect to be completed.
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