Sound Policy: How do claims get disbursed?

One common question we get at Mosher & Associates is the process of claims getting paid, most specifically, those for homes and personal property. Let’s use the example of the roof of your home. In this scenario, after a storm you find that there is hail damage. The claim might be $15,000 for replacement costs on your roof. But, when your check arrives it only covers half of that. Why is that? In the case of this roof claim, it is viewed as a replacement cost but is depreciated to actual cash value. Your deductible is taken off of that amount, and you receive a check for the remaining balance. After your roof is finished, you then submit that amount to the insurance company and they will write the check for the remainder. This is called recoverable depreciation. It can be confusing when you don’t get the full amount at once. As always, check with your insurance carrier to see how they handle claims.

Mosher & Associates isn’t just insurance. It’s insurance, personalized. With offices in Argyle, Evansville, Monroe, and New Glarus, our Team of Specialists is ready to provide you with the best coverage for your unique situation. Check out our Mosher Assessment Process (MAP) at mosherinsurance.com/map/ to see how we can help you. Answer a few simple questions and we’ll start you on the path to insurance, personalized.