Simply, no. The insurance company is paying for your restoration. Your only cost is your insurance deductible.
Hail is considered a no-­‐fault claim (there is nothing you could have done to prevent it) An insurer cannot raise your rates just because you filed a claim. However, when a large storm occurs, an insurer may raise the rates of everyone who lives in the storm path, regardless of a claim being filed.
Yes. Many times the insurance company might make a mistake as to how they compensate you for the repairs to your home. In those situations, Bison Builders has a dedicated staff of insurance professionals to properly identify and communicate all such areas and obtain insurance approval for corrections.
No. A contractor that is ready to give you an “estimate” on your insurance restoration job does not understand the insurance industry. The insurance company is paying for the repairs to your home and they set the price. Therefore, the ONLY estimate that protects you from out of pocket expense and guarantees you a complete restoration is one that the insurance company has written and/or approved. All contracts with a contractor should be on a “insurance proceeds” basis.
The insurance company determines the depreciation based on a combination of objective criteria (using a formula that takes into account the category and age of the property) and subjective assessment (the insurance adjuster’s visual observations of the property or a photograph of it). The insurance company will withhold depreciation as an incentive to get homeowners to complete the job correctly. You will be able to collect the depreciation held by the insurance company when the job is completed.
The mortgage company has a financial interest in your home and the insurance company must include them on any checks they issue you. You will need to communicate with your mortgage company to get them to endorse the check. Many times they will send you a packet of information explaining their endorsement policies. In the end, the mortgage company wants to ensure you abide to the pricing and scope of work approved by the insurance company. Bison Builders is ready with the proper forms and assistance to help you with this
Actual Cash Value (ACV), also known as market value, is the standard that insurance companies prefer when reimbursing policyholders for their losses. Actual cash value is equal to the replacement cost minus any depreciation (ACV = replacement cost -­‐ depreciation) and is the initial money you receive from the insurance company.
Replacement Cost Value (RCV), simply stated, means the cost to restore the damage to your property with materials of the same quality. RCV is the Actual Cash Value plus (+) the depreciated value. This is the total amount to which you are entitled when the job is complete.
Bison Builders will review your insurance estimate and compare it to what is actually damaged on your property. If there are changes to be made, Bison will submit photographs and a “claim supplement” to the insurance company on your behalf. Bison will engage in discussions with the insurance company in an effort to gain you additional coverage. The insurance company has final say and will communicate changes by way of a new estimate and/or a supplemental check made out to you.
No. It is illegal for a construction company to pay for your deductible. Speak with your sales representative, we may be able to offer you referral or advertising incentives.
Bison Builders requires a down payment of 50% of the job or the initial insurance check, whichever is less. You ALWAYS retain the majority of the insurance money to protect yourself as a consumer. Never pay a contractor with personal funds. Deposit insurance funds and always use those.
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