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Insurance paperwork

The summary of storm damage incurred by your home includes both the filing of your claim and the list of damage compiled by the adjustor—known as the “loss report”. If the contractor discovers additional damaged items, or reporting errors on the loss report, then a “supplement report” would be appended to the existing claim. Almost all supplement reports are approved as long as they are professionally prepared and properly filed. Typically, the loss report will have a “Summary for Dwelling” page summarizing your entire claim. Below is an example.

Loss Report Summary Page Breakdown

1. Line item total - is the total amount of your claim.
2. Materials sales tax @ 8.25%- sales tax is limited to the materials portion of your claim.
3. Replacement cost value (RCV) - is what the cost is in today’s economy versus when it was originally installed. Most homeowner policies are written as RCV policies to ensure that when your home or property is damaged, the repairs can be made regardless of current industry pricing.
4. Less Depreciation - the depreciation is calculated by the life expectancy of what was damaged v. the age. For example, if you have a 20-year roof that is five years old. then it would be depreciated at 25%.
5. Actual Cash Value - is the value of the items on the loss report minus depreciation.
6. Less Deductible - deductibles on homeowner policies vary depending on geographic location and insurance company. This is the amount of the claim the homeowner is responsible for paying.
7. Net Claim - is the amount of the actual cash value minus the deductible and the amount of the first check from the insurance company. The net claim reimburses the actual value of the damage incurred less the deductible.
8. Total Recoverable Depreciation - Since most policies are written as replacement cost value (RCV), the depreciation is recoverable. This is the last check from the insurance company. Often, the contractor must file a “certificate of completion” in order to have the depreciation released. If handled properly the final check will arrive approximately two weeks after completion of the project. This will be the final payment to the contractor.

NTBS, Inc has full-time staff specializing in insurance claim processing. Many of our customers allow us, by filling out our Authorization Agreement, to handle the entire claim process, freeing them from having to deal with the insurance company altogether.

Contact NTBS, Inc today for a free roof inspection.