Here at Liberty Adjusters, we help homeowners make the most out of their insurance claims. After suffering a house fire, the last thing you will want to stress about is the specifics of your insurance policy.
When evaluating your claim, there are two ways that insurance companies will value your home: replacement value and depreciated value. Our public adjusters are here to help explain what this means, the difference between the two, and why it matters to you and your claim.
Have an insurance claim to file? Call a public adjuster first; we’re on your side, not your insurance company’s: 813-922-5129.
Replacement Value
Replacement value is the cost to replace your home with comparable materials at today’s prices; this includes labor and material costs as well. If your insurance uses replacement value to evaluate your claim, you know it will be enough to rebuild your home or replace it with one of equal value.
Depreciated Value
On the other hand, depreciated value takes the age, wear and tear, and other factors of your home into account. This includes things like outdated fixtures, needed repairs, and materials that have depreciated in value over time.
Compared to the replacement value, the depreciated value of your home will be significantly lower, and will often result in the homeowner being forced to settle for a lesser home or come out of pocket to make up the difference. This is especially nefarious when the home can be repaired, as you won't be able to simply settle for a lesser house, but will be left with a partially repaired home and a large bill.
Some policies are now writing “depreciated value” as “ACV” or “actual cash value”. Homeowners should watch out for this new language and always confirm they are getting replacement value when signing their policies. If your insurance policy states ACV, we are unable to get you any settlement higher than that limit, so be careful.
Not sure what your policy has? Call us now for a FREE insurance policy review.
How Does This Affect My Claim?
When filing a claim, it is important to protest any attempt by your insurance company to value your home at the depreciated value. Not only will you be stuck with an inadequate payout, but if you agree to it when filing, you may find yourself unable to get more money later on.
Add to that here in Florida, we’re seeing more insurance companies also offer a little bit more on the settlement – in exchange for you letting them select who does the work. Usually by a contracting company they own. This may mean shotty, hard-to-reach contractors and subs who may not give your property the care it deserves.
You don't have to go about this alone, call a public adjuster with experience fighting for homeowner's claims, like our team at Liberty Adjusters.
Read More > Why You Should Always Call a Public Adjuster Before Filing a Claim
Don't Make Claim Mistakes, Call Liberty Adjusters Instead!
Don’t make the mistake of trying to file an insurance claim on your own. Consulting with a public adjuster first almost always results in a higher payout for needed repairs. We can indeed help get up to 574% more for your claim; that’s the difference between being on your side instead of working to the insurance company’s benefit.
Here at Liberty Adjusters, we understand the stress and confusion that can come with navigating the insurance claims process, that's why we are committed to fighting in your corner throughout the entire process.
Call one of our licensed public adjusters today at 813-922-5129.