I received an initial $17,000 check from my insurance company for my home covering the “ACV” of several line items related to the “Dwelling” portion of the home. Approximately $13,000 “ACV” is stated on the claim report as associated with the roof replacement and the remaining $4000 is fragmented into pieces and parts for fascia, one shutter, one window and one wood column.
I am planning on replacing the roof using the $13,000 roof “ACV” and then submitting a receipt for the roof job which according to a roof proposal may cost approximately $19,000 total. The “RCV” for the roof portion indicates that I can recover up to $7,000. So, it appears that using $13K of the original check and then receiving a second check of approximately $6000 will cover the total job for the roof and be within the amounts allocated on the claim report for the roof “ACV” and “RCV” from what I understand.
If I am on the correct track so far, my question centers around the remaining $4000 from the original check for dwelling “ACV” that hasn’t been used to this point for the various line items such as the fascia, shutter, window and wood column. None of the amounts allocated to any of these line items mentioned allow for a “complete job”. For example; I have enough money to replace/paint “one” shutter based on it’s combined “ACV & RCV” but not enough awarded to possibly paint the remaining 4 shutters and make it a complet job. The same would hold true for the fascia, windows, and wood columns.
So it appears to me that the combined “ACV & RCV” for any of these items does not allow for a complete job but I have $4000 remaining from the original check for all of the singular item’s “ACV” combined.
Do I simply pick one of these items and use the $4000 to do a complete job for one and not bother with trying to recover any “RCV” for any item at all? OR just do nothing and leave the $4000 in the bank?