STANDARD CLAIM TERMS
If you have an ACV policy, you get your check and that’s it. Once depreciation is deducted and you get the actual cash value, the claim is considered settled. You have to come up with the actual amount to do repairs on the property and replace contents.
However, if you have an RCV policy – you’re in a much stronger position. In an RCV policy, you typically get your actual cash value check when the adjuster first comes out or it is sent to you after the adjuster’s estimate is compiled. You then get a second and final check that covers the difference between ACV and RCV. This will occur after Exteriors Plus has completed the necessary repairs on the property and you are happy with all of the completed work. Exteriors Plus will then send out an itemized invoice to the homeowner which will need to be re-directed to the insurance carrier. Please contact us with any questions you may have about the insurance process. Exteriors Plus is here to help!