This is not an easy answer. Different insurance companies will have different formulas on determining your insurance premium after a claim; one of which can be claim frequency and severity. It is our recommendation to discuss your specific claim with your agent to see if turning in a claim makes sense. However, even if you do not put in a claim; we will need to notify the carrier or insurance company.
What does an adjuster do exactly?Kim Zem2022-04-26T16:29:32-08:00
An adjuster is a representative of the insurance company, or a Third Party Independent Adjuster that helps settle a claim by evaluating the damage, the amount of loss, and eventually calculating the payout. They are not employed by Stay True Insurance Agency. Stay True Insurance Agency does not settle claims, the insurance carrier does. We gather the information and submit your claim to the carrier. However, we will assist in making sure you are treated fairly and promptly. If you are having problems with an adjuster, reach out to us for help.
What is the difference between “replacement cost” and “market value”?Kim Zem2022-04-26T16:39:24-08:00
Replacement cost is the amount it costs to rebuild a structure. This amount can also include demolition. This value can be significantly different than an appraisal. The reason is, that the cost of materials to rebuild can outweigh a structure’s market value. When insuring a structure the insurance company needs to know the replacement cost. There are tools that our agents use to help approximate this value.