Q. What is Actual Cash Value (ACV) & Replacement Cost Value (RCV)?
Q. What is covered, what is not?
Q. Adjuster Here, Adjuster There,  Who is Who?
Q. What is subrogation?
Q. What is First?
Q. What is Next?
Q. Who Pays My Deductible?
Q. Must I use the Insurance Companies Contractor?

Q. What is Actual Cash Value (ACV) & Replacement Cost Value (RCV)?

There are two types of coverage for your property. One is replacement cost coverage and the other is actual cash value. Replacement cost coverage provides for a damaged item to be replaced for what it costs today, at a fair market price of equal kind and quality, regardless of when it was purchased.

Actual Cash Value provides for the compensation of the balance of the life expectancy of a damaged item. For example: your type and style of carpet has a 10-year life expectancy. Insured damage occurs when it is only 5 years old and it needs to be replaced. Your insurance company owes for only the unused portion of the balance of its life. Other parameters may also apply; your adjuster can explain this process in great detail.

Q. What is covered, what is not?

If you are not certain, contact your insurance agent or adjuster, they will know for sure. Here are some examples: Your commode breaks and floods your house. The resulting damage to your home and contents is usually covered, but the repair or replacement of the commode isn't, nor is it part of your deductible amount. Your washing machine hose bursts at 2:00 am. The resulting damage to your home is usually covered. The replacement of your washing machine hose isn't. Do not dispose of the offending item before you are told to - your adjuster may want to examine it. If there is a question about coverage, your insurance agent or adjuster is the only qualified person to answer those questions.

Q. Adjuster Here, Adjuster There,  Who is Who?

There are two different kinds of Insurance Adjusters. The first is the Company Adjuster that is the representative of your insurance company, employed directly by your insurance company. You can always rely on this kind of adjuster or this adjuster's supervisor. The second type is an Independent Adjuster. This adjuster is contracted by your insurance company to resolve the loss. The Independent Adjuster gets paid by your insurance company to make sure all goes well with your claim. He reports back to an adjuster at your insurance company.

Q. What is subrogation?

Subrogation is a third party action against the first party on the second party's behalf. For example, that washing machine hose that broke and damaged your house. Your insurance adjuster will take that hose and contact the manufacturer regarding the failure of their hose to hold water.... Sometimes the hose manufacturer gets to help pay for the repairs to your home. So, never dispose of anything before your adjuster says it is ok. If your insurance company is successful with the subrogation, you may receive some of your deductible back. However, you needn't be concerned about the details of the "Subrogation" process. Your insurance company handles that, we just wanted you to know why it is important not to throw anything away connected with your loss until your adjuster tells you to do so.

Q. What is First?

The first thing to do after the fire department leaves is always to contact your Insurance Agent. Your Agent is there to help you care for your home and belongings whenever misfortune strikes. Don't be afraid of your insurance company's representatives. Helping you is their purpose and responsibility... Always keep a copy of your insurance policy in a safe place. Refer to it when the need arises.

Q. What is Next?

All insurance policies ask that the homeowner show due diligence in keeping the loss to a minimum. If you have water saturation in your home, stop the source of the water. Next, protect your furniture by putting aluminum foil under the legs and secure the fragile items and delicates out of and off of the furniture that is sitting on the wet carpet. If you move the furniture to another dry area, still place foil or natural wood under the legs to protect the dry surface from being stained by the furniture. Don't try to take the carpet up yourself, leave that to a trained professional. If you need further assistance, contact us by phone, we will dispatch one of our Cleaning and Restoration Associates. They have the necessary means to stop the water from causing additional harm. If you have had a fire, WE will board up the home and make it more secure while decisions are being made. The protection of your furniture when you have had a fire is also crucial. Again, a qualified cleaning and restoration company like one of our associates can render assistance for your emergency needs...

Q. Who Pays My Deductible?

You do. Every insurance policy has a deductible provision. Your deductible may not always come directly out of your pocket; sometimes your adjuster factors that into your calculated expenditures for resolving the loss. Either way your deductible must be paid. It is part of the contract that you have with your insurance company. You picked the amount of your deductible when you set up your policy with your agent.

Q. Must I use the Insurance Companies Contractor?

NO ONE other than your spouse can tell you who to use in the restoration of your home. You are the homeowner and it is up to you who performs work inside your home. You may use any contractor or vendor to fulfill the needs of your home. Quality Restoration stands ready to assist you in your time of need to whatever degree is required. We will represent your loss honestly to your insurance company to expedite the resolution of your repairs, and get you back in your home as soon as possible.