Insurance Claim Process With STX Roofing & Construction
1. Loss Occurs:
a. Hail, Wind, Fire, etc.
2. Damage assessment completed by STX Roofing & Construction with one of 3 outcomes:
a. No damage – no need to file a claim or have work done!
b. Slight damage – repair costs are less than your deductible.
c. Significant damage – file an insurance claim!
3. Call insurance provider to a claim. (Service Agreement)
a. Insurance company will assign an adjuster to your claim. Adjuster will call to setup a time to inspect your property.
b. STX Roofing & Construction representative will meet with your adjuster at your home to represent your best interests during the roof/property inspection.
4. Approved claims are paid to homeowner to repair damage. First payment (ACV) as well as loss report/statement of loss sent to homeowner.
a. Replacement Cost Value (RCV) – payment for full replacement at today’s cost.
b. Depreciation – a decrease in value due to wear and tear or age.
c. Actual Cash Value (ACV) – replacement cost minus depreciation.
d. Deductible – a specified amount of money that the insured must pay before an insurance company will pay a claim.
e. Supplement – charge or charges added to a claim for items omitted, overlooked, underpaid, or discovered after work begins.
5. Mortgage companies are sometimes listed on the payments. The homeowner and the mortgage company must both endorse checks.
6. Work is started/completed by STX Roofing & Construction
a. At this time (build day) we collect the ACV payment and deductible.
7. Certificate of Completion is submitted to the insurance company.
8. Insurance company releases the final payment to homeowner. (Recoverable depreciation and supplement payments if applicable)
9. Homeowner makes final payment to STX Roofing & Construction only when satisfied with all completed work.