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Fire & Water - Cleanup & Restoration

How do You Estimate a Fire Loss?

10/11/2022 (Permalink)

Hallway, walls covered with smoke. Heavy fires cause full rebuild.

Estimating a Fire Damage Loss

When a fire has damaged your property, you need to get the repairs done as soon as possible. It's important to have a professional fire damage estimate before submitting a claim. You can use this estimate to ensure your insurance company covers all the necessary work needed to return your home or business back to normal.

How to Determine Cost of Repairs

The cost of rebuilding is based on the type, size, and location of the building. A small commercial building will cost less to rebuild than a large one. Large buildings tend to be more expensive because they often have more complex systems and infrastructure that need to be replaced.

For example, in your estimate, you may find that replacing all plumbing in a large commercial building will cost $100 per foot while doing so in a smaller office or retail space would only cost $50 per foot. Similarly, if you’re repairing an apartment building with several floors and units each containing its own kitchen and bathroom (and therefore requiring materials like pipes), it might take you twice as long to complete repairs as repairing a single-family home with fewer rooms (and therefore using fewer materials).

When estimating restoration costs related specifically to rebuilding structures damaged by fire damage, there are two major factors contributing to how much this type of work costs: property value and scope of damage (i.e., what work needs to be done). Property values tend not to matter too much when talking about residential properties since most people don't have mortgages; however, commercial properties may have varying degrees of financial support from investors depending on their location or industry base which means higher risks associated with them needing repairs after an incident like this one occurs.

Reviewing  Your Insurance Policy

Estimators review your insurance policy to determine how much coverage you have for fire damage. This is because the amount of coverage you have depends on the type of policy and location where the damage occurred, as well as whether or not a deductible applies.

For example, if you have fire-damage coverage with an $80,000 limit but experience $100,000 worth of damage to your home in a wildfire, then only $20,000 would be covered by your insurer and they would pay out that amount minus any applicable deductibles.

Reviewing the Estimate

Your insurance adjuster will review the estimate and let you know if it is accurate. If the adjuster has any questions about your estimate, he or she will contact you immediately. He or she may also ask you to add something to the estimate so that it can be finalized. The final estimate should be given to you within a few days of receiving your fire damage cleaning services quote.

The good news is that your insurance company will review your estimate before they send you the final payment. This means that if there are any mistakes in your estimate, they’ll contact you right away. If so, just make a change and resubmit it to them!

When you have fire damage in your home or business, SERVPRO of Hyde Park/Central Austin is here to help. Give us a call to repair your Austin property. 

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