There are many policyholders and professionals out there who are in urgent need of insurance appraisal and insurance claim estimate for claims with their respective insurance companies. While most insurance companies want a detailed estimate to support your claim of damage, it is always beneficial to get a second opinion from the contractors.
A majority of policy holders generally rely on the insurance company to visit them in person, review the claim and provide settlement for the damage. However, this is not the right way to proceed as this should never happen.
Here we are not saying that the insurance companies out there cannot be trusted, however never trust them blindly as they can miss the damage or make a mistake. Have you ever thought about getting a second opinion before having your car fixed? Or have you ever felt the need to get a second opinion after seeing a doctor? Well, under certain circumstances, you would have definitely approached another experienced professional to get their second opinions.
If you can get a second opinion from a doctor on your health issues, why are you allowing an insurance company to tell you what amount will be paid on the insurance claim? While insurance adjusters have passed the insurance claim exam, they have never worked on an insurance repair job. Therefore, there are high chances that they will miss important information that is required to complete the repair of the claim.
So when we are talking about your property, your insurance policy, why should you give an insurance company the rights to analyze the damage? You can choose a contractor along with the insurance company to provide you with detailed, insurance claim estimate.
The contractors are often hired not for their reputation rather for their ability to manage the risks. They are professionals who have intense knowledge in the field. The following information will help you understand more about their world so that you have complete knowledge of their work.
- The documenting cost
Proving up cost is generally not as easy as building the home again. There are many homeowners who want to rebuild the home in a different manner while the insurance adjuster probably has a different image in mind. Moreover, a contractor is not going to propose you to build back the house in the same design that you have had previously. Here you have a right to get paid the cost to replace the house to its pre-loss condition, but it is subjected to the fine print in the insurance policy.
- Documenting the pre-loss condition
One of the greatest hurdles you will face while getting an accurate estimate of the loss is getting hold of adequate information on the pre-loss condition. Every home is different and the level and size of interior significantly drive the replacement cost. After the loss, the insurance adjuster will interview the home owner and ask certain questions to calculate the loss. Here the absence of information often results in lower estimates. This may sound like a simple step but if the items are not listed in the estimate, the final estimate cost will not cover the product as well.
Xactimate to the rescue
The estimating program often used by the contractor is Xactimate. The estimated that will be presented to you by insurance adjuster will be a Xactimate estimate. However, there are few things you need to understand in order to respond in a better manner to the estimated insurance claim.
- Estimate organization
Typically the estimate organization is by room. While insurance adjusters like to estimate by counting pieces, contractors like to estimate by the system. In this manner, all the important facts are covered.
- Scope of work
Generally, the problems with an estimate of loss are related to scope error or omission. Therefore, it is important to provide the adjuster with vital information regarding every aspect of your home. Next, take plenty of time to go through the estimate and make sure it includes everything that was present in the home.
So don’t be afraid to challenge the insurance adjuster or ask dumb questions. No one except you can be the professional estimator for the incurred losses.