Raplor Brochure - Flipbook - Page 21
BC778339
STORM DAMAGE QUESTIONS
WHAT TO DO IN THE MEANTIME?
While waiting for your ACV check RAPLOR can start the material selection, this includes
selecting the brand, style, and color of your new roof, along with additional repairs you
may have.
HOW WILL I BE REIMBURSED?
Your homeowners policy may have replacement cost coverage on the structure. If it
does, you will receive an initial payment from the adjuster with the estimate, referring
back to #4. This initial payment will be for the full cost or for the actual cash value of
the repair. If the payment is for actual cash value, an “amount deferred” will be listed on
the claim settlement report. This amount can be claimed upon completion of the repair
work. Once everything has been settled, we will do a 昀椀nal inspection of your property
to ensure your satisfaction.
HOW DO I APPLY FOR THE “DEFERRED” REPAIR AMOUNT?
To receive the deferred repair amount (or “recoverable depreciation”), RAPLOR will
submit itemized repair receipts for the completed repairs or replacement. Your insurance
will pay the deferred amount or the difference between the initial payment and/or the
completed repair bill, whichever is less. This is what we refer to as the RCV check.
HOW IS DEPRECIATION CALCULATED?
The most common method of calculating depreciation is based on the life expectancy
of the item, with adjustments made for the item’s age and condition. For example, the
normal life expectancy of a composition roof is 20 years. Under normal conditions, the
roof depreciates at a rate of 5 percent per year. If the roof is 8 years old with typical wear
and tear, the depreciated amount is 40 percent. (5 percent x 8 years = 40 percent.) The
actual cash value of the roof is 60 percent of the replacement cost. (100 percent – 40
percent = 60 percent.)
WHY IS MY MORTGAGE HOLDER LISTED ON THE PAYMENT?
If there is a lien holder, your insurance policy mandates that they must be included as a
payee on the payment. In such a case, it is essential to obtain an endorsement from the
lien holder for the payment.
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WILL I EVER HAVE TO PAY MORE THAN MY DEDUCIBLE?
No, if other damages (caused by the storm) are discovered during your repair or
replacement we will supplement your insurance company for any increased charges. If
approved, your insurance will supplement your claim.
NOTE - Upgrades and additional repairs will be at your expense.
