Confused About Roof Replacement
Hi everyone! I’m a first-time poster and I could really use some help. I just got off the phone with my insurance adjuster during a short break, so I didn’t have a chance to ask all the questions I had. Unfortunately, he’s out of the office until Monday.
They’re planning a complete roof replacement and repainting my main living area ceilings. He estimated the total cost to be around $13k-$14k for both projects. While he tried to explain depreciation, the conversation was so brief that I didn’t grasp everything.
Here’s where I’m confused: they’re sending me $3,233 now. Does that mean I’ll eventually receive the full $13-14k once the work is done, or is that $3,233 the only amount I’m getting because of the depreciation?
Apologies if this sounds like a silly question! I’m feeling really overwhelmed, and searching online only made things more confusing. The emails I received didn’t clarify anything—they just stated that I’m getting the $3,233.
Thanks in advance for any guidance! 🥺
Edit: After thinking it over, I remember him mentioning something about “Recoverable Depreciation.” Is that where I submit the invoice for the completed work, and then I receive the remaining amount—about $10k?
Hey there! First off, there’s no need to apologize for your questions—roof replacements and insurance claims can be quite confusing, especially if it’s your first time dealing with it!
From what you’ve described, it sounds like your insurance adjuster has mentioned “Recoverable Depreciation.” Here’s a simplified breakdown of how this typically works:
Initial Payment: The $3,233 you received is likely your insurance’s initial payment, which might represent the Actual Cash Value (ACV) of your claim. This amount takes depreciation into account, which is why it seems lower than the estimated full cost.
Recoverable Depreciation: The rest of the estimated cost (around $10k) is what you might be eligible to receive upon completion of the roof replacement. To access these funds, you usually need to submit the invoice or proof that the work has been completed.
Total Funds: If you complete the work and provide the necessary documentation, you should receive the remaining amount of the estimated cost (the portion that was withheld due to depreciation) on top of the initial payment. So, in the end, you could expect to get the total of around $13k-$14k, provided the work is done as per your insurer’s guidelines.
It’s understandable to feel overwhelmed, but try not to stress too much. When your adjuster is back in the office, you can call them to clarify any remaining questions. Make sure you understand what documentation they need from you to ensure you receive that full payout! Good luck, and I hope the process goes smoothly for you! 🌟