What is an insurance estimate?

An insurance estimate is a detailed report created by an insurance company that helps to determine how much it will cost for an insured party to replace or repair a damaged item. This estimate is usually required in order for a claim to be processed. In California, insurance companies must use state-approved software to generate an estimate and provide it to the insured party before any repair work is done. This estimate will include labor and material costs, which will then be used to determine the amount of reimbursement from the insurance company. The estimate should be reviewed carefully and any discrepancies should be discussed with the insurance company before any repairs are made. Once the insurance company has approved the estimate and the repair work has been completed, the insured party will receive the reimbursement that was agreed upon.

Related FAQs

What is a negligence claim?
How do I know if an insurance claim has been settled?
What are the benefits of filing an insurance claim?
What is the difference between an insurance policy and a contract?
What is a retroactive date in an insurance policy?
What is an insurance adjuster’s duty?
What is an Uninsured Motorists Coverage (UMC)?
What is an insurance fraud investigation?
What is an assignment of benefits?
What is the difference between an insurance policy and a benefit?

What is an insurance estimate?

Related FAQs

Related Blog Posts