Why You Don't Need 3 Estimates!
With all of the storm damage we’ve seen recently, there’s been a lot of talk around the assumption that you need to have three damage estimates before you move forward with repairs.
I understand where this comes from — it’s probably friends and family looking out for your best interests, assuming that storm damage estimates are like any other estimate done on a house. If you’re looking for a painter, a landscaper, or even someone to do simple handiwork, we suggest getting more than one estimate. But when it comes to storm damage repair, it’s not necessary.
Walking Through The Process
If you have ever experienced storm damage before, or this is your first time reading about it, this is what would typically happen after a storm:
You call up the insurance company, and the adjuster comes out. The adjuster does an assessment and then puts together a Statement of Loss.
The insurance company cuts you a check with the ACV value minus your deductible and then lets you know you have some depreciated value on the back-side if you get the work done on your home.
Afterward, it is up to you to find a contractor to do the repair work — this is where people let us know that they need three estimates before moving forward with any repair work.
We’re here to tell you that, with storm damage, you don’t need any other estimates after the insurance adjuster has valued the damage.
The insurance company requires the work be done, line item by line item, in the Statement of Loss. It isn’t like a check from your auto insurance company. If the work isn’t done as prescribed in the Statement of Loss, you owe the insurance company the difference — or the insurance company will not release the depreciated value.
At the end of the day, the only cost you should experience from storm damage is your deductible. No matter how expensive the claim, the only cost to you is the deductible. And in the state of Iowa, paying a deductible is required by law. If anyone tells you different, do not trust them!
If you get work done for less than the claim, you do not get the money back in your pocket, and someone is probably cutting corners when it comes to the quality of work.
You can avoid all of the hassles by using a contractor who works on insurance claims frequently and knows how to document everything for the insurance company. When the work is done correctly, the insurance company will release the depreciated value back to you, and you can pay the contractor. Easy.
We are a local, Clive-based company that has worked in Iowa for over 20 years. We’ve probably worked in your neighborhood and you didn’t even realize it!
Don’t get caught up in something illegal or end up with poor quality work done on your home.
If you’re looking for someone to help with your storm repair, schedule an inspection today!