Loss Draft issued by the insurance company as payment for the damages
Estimate from the insurance company detailing the damages
The company that provides the home protection policy.
The process where a check is signed and sent back to the borrower.
The process where the check is deposited and funds are disbursed throughout the repairs.
The entity that represents the homeowner in a court case.
The court documentation explaining why a specific check amount was issued if no adjuster's report is available.
The estimate signed by the borrower listing all repair to be done.
A tax document that is needed to make the contactor a payee on the check.
The actual cost to replace a structure at its pre-loss condition.
The total issued by the insurance company after the deductible & depreciation have been removed from the Replacement Cost Value
The amount the insured is responsible for in case of a loss
The value of a property that is lost over time due to factors such as age and wear and tear.
The value of the damaged or destroyed item(s) at the time of the loss.
A document the borrower fills out that states they intend to use the claim funds to repair the home
This is a letter stating the homeowner would like to do the repairs themselves.
A list of materials needed to complete the repairs
Documents that show what has been paid for by the borrower out-of-pocket.
A document stating that the contractor agrees they have been paid, and based on that payment, they waive their right to put a lien on the house for what they have been paid so far. If paid in full, they waive their right to place a lien completely.