I had hail damage and received an ACV check for $10.5k. They had listed my shingles as 20 years old, but they were actually 9 years old. After getting it adjusted, they sent another check for $11.5k, and then a third check for $500 when they realized they missed two sheds. These added up to $22k for the ACV, with the total RCV being $34k.
Months later, after dealing with the mortgage company for sign-offs, State Farm sent me another check for nearly $12k, which now covers the full RCV minus my deductible.
My question is: How should I show proof of repairs now that I have the full payout and won’t need to submit for the remaining RCV? Has anyone had this happen to them? I noticed the latest estimate removed all mentions of ACV and only shows the RCV.
I do have an RCV policy, but they were supposed to only pay ACV until the repairs were completed. Anything else I should be aware of or cautious about?
If you don’t complete the repairs by your next renewal, you could be non-renewed. And when you look for new insurance without finishing the repairs, expect to pay way more, if you can even get coverage.
@Cleo
I’m going ahead with the repairs. Should I just submit receipts instead of going through the usual process of the roofing company submitting the RCV difference? I definitely don’t want to risk losing coverage.
@Cameron
If you’re doing the repairs yourself, you might need to provide paid receipts for materials and pictures from start to finish. It’s best to ask your agent or carrier directly just to be sure.
Taylor said: @Cameron
If you’re doing the repairs yourself, you might need to provide paid receipts for materials and pictures from start to finish. It’s best to ask your agent or carrier directly just to be sure.
I’m actually having a roofing company handle the repairs. I’ll call State Farm and ask what they need for proof.
@Cameron
As long as you keep all your paperwork and submit it into the claim file, you should be fine. If it’s filed, you’ll have a record in case anything comes up.
Gentry said: @Cameron
As long as you keep all your paperwork and submit it into the claim file, you should be fine. If it’s filed, you’ll have a record in case anything comes up.
Your mortgage company will want to know everything is done. State Farm only really cares if you ask for more than they’ve already paid once repairs are completed.
Chen said:
Your mortgage company will want to know everything is done. State Farm only really cares if you ask for more than they’ve already paid once repairs are completed.
I don’t expect to need more, just trying to figure out how to show proper proof now that the process has changed. No idea how they messed up and sent me the full RCV before any work was done.
Sometimes adjusters pay the full recoverable depreciation before repairs are done. It’s not supposed to happen, but it does. Just make sure you send all the documentation to your agent or carrier, or you could be non-renewed next cycle if you can’t show proof of repairs. Also, don’t forget to update the roof year with your agent—it could save you a lot on premiums.