On What Basis Do Insurance Companies Determine What Your Claim is Worth in Lakewood, Colorado?

When you are in an accident in the Lakewood, Colorado area, you will want to know about the way your home insurance policy works. The problem that you might face is determining how much you are actually likely to obtain after the accident and processing of your claim. Although the exact process and method of determining the value will vary based on the policy and coverage on your home or car, you can calculate an estimate of the value you can expect.

Current Value of the Item

A key part of determining the replacement value or repair cost starts with evaluating the value of the item. A home insurance company will often use that determining factor to start evaluating how much you should receive in your claim.


In some cases, the home insurance company will consider the depreciation on the item before giving any funds. When a home insurance policy does not completely replace the full value of replacement costs or the exact repair expenses, it is likely that the company will consider giving the value minus the depreciation on the item.

Estimate Repairs or Medical Costs

Depending on the accident, the home insurance policy and the specifics of the situation, the worth of the claim might be determined by a medical professional or a repair professional. Professionals will be able to give an estimate to the insurance company, which is then used to establish the amount that the company owes to the insured individual after a deductible.

Every company will have a different method of calculating the actual worth of a claim, which can make it seem like a complicated process. Although the exact figures will vary, the details of coverage are provided in the paperwork. If you want to know more about your specific coverage or coverage you are considering, contact us today to talk to an independent agent.