The truth about “bids” is that they actually work against you when it comes to your homeowner insurance claim.
First and foremost, understand that insurance companies pay claims in two phases. The insurance company assigns a dollar value to your claim called the Replacement Cost Value (RCV). From this RCV, they will deduct your out-of-pocket deductible. The first disbursement of funds will be less than the full RCV, an amount usually called the Actual Cost Value (ACV). Once the work to your home is near completion, there’s a second payment of Depreciation or hold-back money. (Total Claim RCV = ACV + Depreciation + Deductible) The Depreciation will NOT be paid in full if your contractor gave you an under-cut bid. Instead, if you shop bids and receive one that is less than the RCV, the insurance company will simply reduce your total disbursement. In the meantime, the bid roofer will surely cut corners to do the job for less. It is a misnomer that as a homeowner you will receive all of the insurance money and then pay a contractor their lower bid while putting the rest in your pocket. Not only will you get a lower quality roofing system, you will not get any financial benefit from using the lowest bid.
Xactimate pricing eliminates the need for “bids.”
Cardinal Catastrophe Services, Inc. uses Xactimate, the standard price estimating software used by 80% of the risk industry. Since we work exclusively with insurance restoration claims, we maintain a paid subscription for Xactimate Software to eliminate negotiation and pricing disputes. Very few contractors pay for this subscription. During the adjuster meeting, we work diligently to set the correct “scope of damage.” The pricing is already determined by the standards set by Xactimate. This eliminates the "bidding" process. In addition, if any damage is missed or if any items need to be added to your claim, our expertise and use of the Xactimate software ensures that proper pricing is in place.
Cardinal Catastrophe Services, Inc. works exclusively with insurance restoration projects.
The majority of homeowners may only file an insurance claim for storm damage once during the duration of owning your home. Very few homeowners truly understand how the process works let alone how much additional funding is available. Beyond the standard pricing for restoration of your exteriors, additional funding can be acquired for local code enforcement upgrades, permit fees and extra over-head coverage. However, all of this additional funding has to be negotiated with your insurance company. Otherwise, your claim is underpaid by omitting these items. The general public and unknowledgeable roofers and contractors are not aware of this short-fall. Cardinal Catastrophe Services, Inc. has experience and expertise with not only identifying and restoring damage, we also know exactly how to negotiate with your insurance company. Based on our 10+ years of historic data in working with insurance claims, we know what should be covered, but is frequently underpaid. Our core competency is maximizing the disbursement made by your insurance company and relieving you of the hassle of negotiating.
CardinalCat Project Managers are certified professionals having completed the "HAAG Certified Inspector-Residential Roofs" course.
At Cardinal Catastrophe Services, Inc. we are equipped with the knowledge and expertise provided by forensic science firm, HAAG Engineering. Our HAAG education tells us exactly how damage is caused and how to identify damage. Xactimate sets the pricing for everything needed to restore your home to its original condition before the damage occurred. HAAG defines the damage and Xactimate sets the price. In addition, we have extensive understanding of the additional funding that can be added to your claim. Furthermore, we negotiate with the utmost professionalism. We take the time to build rapport with insurance adjusters and all of our colleagues in the risk industry. This allows CardinalCat to engage in respectful negotiation that benefits both our clients and the industry
Furthermore, Cardinal Catastrophe Services, Inc. can show you how to turn your insurance claim into an investment opportunity. Your home is your castle. For most of us, our home is the largest investment we will ever make. Therefore, when you have a catastrophic loss claim (hail, wind, tornado), this can be a very stressful time. Don’t stress... CardinalCat is at your service. Working with storm damage restoration claims is all we do. Together we will work to ensure that all of the financial obligations your insurance carrier is required to provide to you is done in a timely manner. When there is a large catastrophic event in a given area, insurance companies send hundreds of adjusters to those neighborhoods to write claims as quickly as possible. Due to such a heavy claim volume in a short amount of time, it is virtually impossible for every claim to be awarded in full. In our experience, we have seen tens of thousands of dollars omitted from claims.
We truly are experts in our field.
Cardinal Catastrophe Services, Inc. can identify, document and negotiate all necessary funding to fully restore your home including the frequently omitted funds. By maximizing the amount of your insurance claim, you are maximizing the investment into your home. Coming full circle, if you go with an under-cut bid, and you go with a company that does not understand how to secure maximum funding, you are decreasing the investment into your home. The current national average for real estate appreciation is 3.9-5.4% per year. That means for every ten thousand dollars you invest now, you will get a return of a few hundred dollars. Taking the time to make the right choice for your contractor will most certainly give you a great return on your investment. Cardinal Catastrophe Services, Inc. is the right choice!
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Contact us for a complementary inspection of your property.