To Whom do I pay my deductible?

The deductible is to be the first dollar amount paid by the insured on each claim. It normally is expensed in one of three ways: paid to water mitigator, paid to contractor, or amount taken out of content settlement.

What does ACV mean?

Actual Cash Value is the value of the loss after depreciation has been removed. In replacement cost policies, the depreciated amount will be recoverable if the loss is reconstructed.

Can I choose which contractor will do the work at my house?

It is the insured homeowner’s right to have the contractor of their choice to perform the repairs on all insurance claims.

What is depreciation?

Depreciation is the value that represents the wear and tear of materials over a given period of time. Almost all materials have a normal life they will last before they expire.

How do I get an endorsement from the mortgage company on my insurance check?

A check endorsement from a mortgage company is normally obtained by filling out paperwork/packets from your mortgage company. If you are not issued one, you should contact them immediately.

Can I have additional work done at my home (not insurance related) at the same time the insurance work is being done since Reconstruction 380 will be working their anyway?

380 Companies will be glad to perform additional work while working at your home as long as it works within each party’s schedule and time frame. All additional work will be agreed to on change orders prior to the start of work.

Who should I call first when I have a property claim?

Generally, whenever you have a claim you should contact your insurance company to file the claim immediately. However it is your responsibility as an insured to minimize the damage, which may include contacting a certified drying or restoration professional.

Can I use my dehumidifier and fans to dry water-damaged materials?

Drying water-damaged homes is a science of using proper evaporation rates along with equivalent dehumidification to remove moisture from the air. This process is monitored by using the relationship of relative humidity and temperature. This relationship is called psychometrics. Regular household dehumidifiers are made to maintain humidity levels and are not capable of keeping up with the massive amount of humidity caused by water damage. Trying to dry your home out yourself can actually make the situation worse.

What if the insurance check is made payable to both me and 380 Companies?

There’s a good chance the check you receive from the insurance company will be made payable to you and 380 Companies. It may also include the name of your mortgage company. If a mortgage company’s name is on the check it is your responsibility to make arrangements to have them release the check and set up any inspections that may need to be made. As soon as you receive any insurance checks please contact us immediately and let us know to whom the check is made payable. Also, please make sure the CORRECT mortgage company is named on the check.

Do I pay 380 Companies when the project is complete, or will I make periodic payments at various stages of the construction process?

When you pay us depends on the size of your project. If your claim is under $10,000, payment is due within 30 days of the date of the invoice sent to you. If your claim is over $10,000 a partial payment (draw) will be due within days of the drywall stage (for 380 Companies). The remaining charges will be due within days of the date of the invoice. If a mortgage company’s name is on the partial payment check and there are complications getting funds released by the mortgage company, the project could slow down or be suspended until payment has been made. It is important for insured customers to be diligent in getting their mortgage companies to release any funds so that the project proceeds smoothly and on time.

The Estimate I received from my insurance company is not exactly the same as 380 Companies’ estimate. Why the difference?

The insurance adjuster may write an estimate and supply you with a copy. The scope of work between 380 Companies’ estimate and and the insurance adjuster’s estimate may differ in some areas. However 380 Companies and your insurance company will have decided on the agreed figure. The price will be set before the start of your project. By using 380 Companies’ estimate, the project manager can make sure the entire project is managed properly and every aspect of the project is contained in the scope of work.

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