Hurricane Harvey Relief
Your Insurance Claims and Storm Damage
Hurricane – Tropical Storm Harvey Information
Eco1 Construction honors all Insurance claims with an Insurance Adjuster’s report and a signed Contingency Contract from Eco1 Construction naming us as your Contractor.
Where do I begin with Eco1 Construction and my Insurance Claims?
Eco1 Construction offers services for storm damage and general contracting. Since dealing with insurance companies can be quite hectic, we provide our clients with a service writer who will help you understand your claim process. Your service writer will also coordinates meetings with the insurance adjusters and will represent you as your contractor. This will ensure that all damaged items are included in the damage report.
How to start the insurance claim process.
Immediately you need to call your insurance company to report on all damages. The insurance carrier will inquire about the date and type of damage. You will then be issued with a claim number that will be used throughout your claim’s process.
When meeting with your Insurance adjuster.
After you begin the process the insurance company adjuster will contact you to schedule a meeting. Inform your adjuster to then contact Eco1 Construction, as your service writer and we will represent you as both your advocate and general contractor. All issues associated with the mechanics of your repair, local building codes, and all materials will be our job.
Within around ten days from meeting with the adjusters, you will receive a check from your insurance company. This amount will represents the actual cost to repair or replace your damaged property. This will not include your deductible and depreciation. When your project is complete, we will bill your insurance company for the depreciation, also known as hold-back.
What does my Insurance company pay to replace?
Your insurance will repay you for replacement costs only. If you desire any upgrades, you will be expected to pay the difference plus any overhead and margins to the contractor.
What is my deductible and who pays for it?
The deductible is a dollar amount which a policyholder agrees to pay, per claim or per incident, toward the total amount of their insured loss. So. if you incur a loss and your insurance company determines that repairs for the damages are going to cost, $10,000.00 and your policy has a $1,000.00 deductible, your insurance company will pay $9000.00. It will be your responsibility to pay the remaining $1000.00 balance to the contractor.
What does ACV and Depreciation mean?
AVC or Actual Cash value is the cost of replacing or restoring your property at prices prevailing at the time and place of the loss, less your depreciation.
So, if an item is worth $100 new, is expected to last for 10 years and you have owned the item for 5 years, then the ACV of that item would be 50% of its original value. The amount deducted from the replacement cost value based upon the percentage of the ACV is typically referred to as Depreciation.
Depreciation is a decrease in the value of your property over a period of time due to wear and tear or obsolescence. Depreciation is used to determine the Actual Cash Value of property at the time of your loss. Under most cases the ACV is refunded after the job is finished and an invoice will be presented to the insurance company from your contractor. Depreciation is how the insurance companies protects themselves from Homeowners who do not complete all the repairs or replace the items but instead opt for the cash.
When the project is finished, we will invoice your Insurance company for the remaining balance or depreciation.
What if my Insurance company does not paid out enough to have my home repaired?
Insurance companies always expect supplements to be added from the contractor. If is very common for an Insurance Adjuster to miss items while their doing the estimate. Every Insurance company has a Supplement Team to investigate additional costs. Your only out of pocket expense should be your deductible.