What is an insurance estimate?

An insurance estimate is an assessment done by an insurance company to determine the cost of repairs or replacements if your property or belongings were damaged or destroyed. It is an approximation of the amount the insurance company will pay for repairs. The insurance estimate is typically determined by an insurance adjustor in North Carolina or an independent contractor working for the insurance company. The insurance adjustor will take into account the cost of labor, materials, and any applicable taxes in determining the approximate cost of repairs. The adjustor will also inspect the damage and document it in a report, which is then used to make the insurance estimate. The adjustor may also take photographs of the damaged property or belongings to record the extent of the damage. If you agree with the adjustor’s insurance estimate, you can proceed with the repairs and the insurance company will pay for them, minus any applicable deductibles. If you disagree with the estimate, you can negotiate with the insurance company or take legal action to contest the estimate. Either way, the insurance estimate is the first step in the process of ensuring that you receive the coverage you need to repair or replace your damaged property.

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