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Insurance companies often suggest multiple estimates to minimize costs. Homeowners might choose the lowest estimate, believing it saves them or the insurance company money, leading them to select the cheapest contractor. This approach is a race to the bottom that only benefits the insurance company. The goal is to prioritize damage assessment over price, and we only need one estimate from your insurance company to see what they’ve approved for coverage, because we use the same software, Xactimate.
Xactimate is a software that is updated monthly based on the price of labor and materials in your zip code. We are only concerned with the assessing the damage on your property and ensuring your insurance company has the correct measurements for each line item on your estimate. We do not care about price, and frankly, neither should you…you simply need a contractor you like and trust.
Depreciation is the reduction in the value of your property over time due to wear and tear, age, or obsolescence. Insurance companies may depreciate the value of your damaged property when determining your claim payout. Non-recoverable depreciation refers to the amount the insurance company withholds from your claim and will NOT pay the depreciation upon completion of the project because you may have an what we call an “ACV” policy, which stands for Actual Cash Value. For example, if your roof is a 30-year Laminate roof and it’s 15 years old, the insurance company may depreciate its value by 50%, meaning they’ll only pay for 50% of the replacement cost. This is where they only pay out what the value of that item has at that particular moment and expect the homeowner to pay the difference.