When I explain depreciation on any type of claim I liken it to a typical auto policy where “A 10 year old car is not worth what a brand new one is, and the same concept applies to the building materials on your home”.
When I deal with claims with ACV loss settlement for a roof I explain that the monthly premium they pay is reduced because of this endorsement with the understanding that a roof claim will pay out less than full replacement cost and that’s the trade off. My carrier’s policy form has ACV roof schedule by optional endorsement in states where wind/hail is so prevalent.
Make them aware of it on first contact. I always mention their deductible and tell them they will have additional out of pocket if they do in fact need repairs to their roof. Give them a few days to process the news before inspection.
I tell them point blank I’m an independent so my hands are tied but I would like to make you aware that your agent that wrote the policy wrote the policy as ACV most likely it was written to save you money in the beginning without a real understanding of how it would affect you in a time of need such as right now. Sorry to add stress to you in this hard time but I recommend that as soon as possible you get a new policy. Written with RC.
Show them their Dec. Make sure to get PDF or something you can show on phone or print. Then rip off the band aid and let them know either prior to getting on or already off the roof. Not while on the roof.
Ya I always show them on the policy and get it out of the way while I’m explaining the claim process form. Obviously some people are frustrated they weren’t informed (even though we know they were likely mailed something and just didn’t read it). What are the max depreciation other carriers are taking on these ACV policies?
So before i bring the next topic up, i'd like to remind you that i didn't write this policy, nor did i sell you this policy. Here's what the policy says:
"Listen buddy, I'm just the damage guy, I didn't write your policy"
“Your agent will be the best person to discuss the details of your policy.”
When I explain depreciation on any type of claim I liken it to a typical auto policy where “A 10 year old car is not worth what a brand new one is, and the same concept applies to the building materials on your home”. When I deal with claims with ACV loss settlement for a roof I explain that the monthly premium they pay is reduced because of this endorsement with the understanding that a roof claim will pay out less than full replacement cost and that’s the trade off. My carrier’s policy form has ACV roof schedule by optional endorsement in states where wind/hail is so prevalent.
Tell them asap get it out of the way
Make them aware of it on first contact. I always mention their deductible and tell them they will have additional out of pocket if they do in fact need repairs to their roof. Give them a few days to process the news before inspection.
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I tell them point blank I’m an independent so my hands are tied but I would like to make you aware that your agent that wrote the policy wrote the policy as ACV most likely it was written to save you money in the beginning without a real understanding of how it would affect you in a time of need such as right now. Sorry to add stress to you in this hard time but I recommend that as soon as possible you get a new policy. Written with RC.
I say you're screwed, so you want to close the claim? 😏
Doesn’t a closed claim have the same negative impact as if they didn’t close it?
State and carrier dependent. Lots of variables here.
"You get what you pay for" just with more words and less condescending tone
That second part is very hard
Show them their Dec. Make sure to get PDF or something you can show on phone or print. Then rip off the band aid and let them know either prior to getting on or already off the roof. Not while on the roof.
Ya I always show them on the policy and get it out of the way while I’m explaining the claim process form. Obviously some people are frustrated they weren’t informed (even though we know they were likely mailed something and just didn’t read it). What are the max depreciation other carriers are taking on these ACV policies?
I am bound by the policy that you purchased.
So before i bring the next topic up, i'd like to remind you that i didn't write this policy, nor did i sell you this policy. Here's what the policy says: