Not an Insurance Wiz?
We can help! Let our knowledgeable claims specialists walk you through your insurance process step by step.
STEP 1
Contact Cardona Company to ensure you have sufficient damage before filing a potentially unnecessary claim with your insurer.
STEP 2
If damages exceed your deductible, file a claim with your agent. Determine when the adjuster will be available to meet with you AND your Cardona Company representative.
STEP 3
After you, your insurance company, and Cardona Company determine the damages and agree upon the cost of repairs, your Cardona Company representative will discuss expectations, time frames and payment terms.
STEP 4
The time of replacement can vary due to weather. Depending on the home size and the roof's pitch, typical roof replacements take 1-2 days.
STEP 5
After work is completed, your Cardona Company representative will send in Proof of Completion to your insurer for the final payment to be released.
How the Process Works
You might be thinking your insurance paperwork looks like rocket science! Cardona Company will walk you through some terms and definitions to help you feel more equipped and confident when reading your “Scope Of Work” from your insurer.
RCV= Replacement Cost Value RCV is the total cost of replacing your home back to pre-storm condition, using the current fair market value. The total RCV should cover the entire scope of work, leaving the deductible as the maximum out-of-pocket (excluding upgrades) for you as the homeowner. Your deductible should be the only cost you incur.
Depreciation Is the amount of life that has been used from your dwelling’s product(s). This amount is always withheld by your insurance company until all work is completed and invoices turned by Cardona Company into your insurer.
ACV= Actual Cash Value Is the value of the current age and condition of your damaged property. Most insurance companies will pay you the ACV amount before work is started. To make things simple, the ACV is the Depreciation subtracted from the RCV.
Example: If you have a 30 year Limited Life roof and its 15 years old, 50% of its useful life is gone. If a storm causes $10,000 (RCV) worth of damage(s) to your roof, your insurance company is going to depreciated the roof 50% (the insurance company will subtract out your deductible from your ACV (you have a $1,000 deductible)) leaving you with an ACV payment of $4,000. After work is completed and Cardona Company sends in final invoices to your insurance company, they will release the remaining $5,000 in depreciation.
