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Claims

ServiceMaster of North Idaho (SMNI) works with all insurance companies to restore losses back to pre-loss condition. We work directly with your insurance company, your claims adjusters, and we keep communication open with you for the entire process.

While we are a preferred vendor for many insurance companies, we work with all insurance companies whether we are preferred vendor or not. The list of companies with whom we have worked is exhaustive so you can rest assured that you are in good hands with SMNI. Insurance companies and agents recommend SMNI because we consistently provide responsible mitigation and restoration services.

Terms

In order to better help you understand some of the confusing terms that insurance companies sometimes use we have provided a list of terms and phrases with definitions below.

RCV

The dollar amount needed to replace damaged personal property or dwelling property without deducting for depreciation but may be limited by the maximum dollar allowed by your policy.

ACV

Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence.

ACV Settlement

The replacement cost value less the depreciation and the deuctible. Typcially this is the intial check you will receive from your insruance carrier.

Deprecation

The decrease in value of an item due to wear, tear, or decay over time.

Recoverable Deprecation

The amount held by the insurance carrier that is only able to be recovered or reimbursed to the homeowner if those expenses have actually been incurred. An itemized receipt, from the contractor, for all work completed is often required before any depreciation is released. The insurance company may also require a visual inspection of all completed work before realsing the depreciation check.

Deductible

The amount for which the insured (you) is liable on each loss.

Personal Property

All tangible property that is either temporary or movable in some way, such as furniture, jewlery, electronics, etc…

Renters Insurance

A form of insurance that covers a policyholder’s belongings against perils. It also provides personal liability coverage and additional living expenses. Possessions can be covered for their replacement cost or the actual cash value, which includes depreciation.