Guide to Understanding Your Property Claim Estimate

Your estimate cover sheet

The cover sheet of your estimate includes important information such as:

A. Claim Contact information

Your Travelers claim professional's contact information.

B. Claim Number

Your claim number.

C. Types of Coverage

The types of coverage under your policy, including the applicable deductibles and policy limits..

D. Sublimits

Your estimate may include sublimits for specific items, such as money. Each sublimit has a unique ID tag. That ID tag will appear next to any line item subject to the sublimit.

Your estimate detail

This is where the details about your damaged property can be found:

E. Description

Details describing the activity or items being estimated.

F. Quantity

The number of units (for example, square feet) for an item.

G. Unit Cost

The cost of a single unit.

H. Replacement Cost Value

The estimated cost of repairing a damaged item or replacing an item with a similar one. RCV is calculated by multiplying Quantity x Unit Cost.

I. Depreciation

Loss of value that has occurred over time due to factors such as age, wear and tear, and obsolescence. If depreciation is recoverable, the amount is shown in ( ). If depreciation is not recoverable, the amount is shown in < >.

J. Actual Cash Value

The estimated value of the item or damage at the time of the loss. Generally, ACV is calculated as Replacement Cost Value (RCV) minus Depreciation.

K. Labor Minimums

The cost of labor associated with drive time, setup time and applicable administrative tasks required to perform a minor repair.

Your estimate summary

For each type of coverage involved in your estimate, there is a summary section that shows the total estimated costs (RCV and ACV) and net claim amount for the coverage type. The example to the right depicts a Dwelling coverage summary:

L. Line Item Total

The sum of all the line items for that particular coverage.

M. Total Replacement Cost Value

The total RCV of all items for that coverage.

N. Total Actual Cash Value

The total ACV of all items for that coverage.

O. Deductible

The amount of the loss paid by you. A deductible is generally a specified dollar amount or a percentage of your policy limit.

P. Net Claim

The amount payable to you after depreciation and deductible have been applied. This amount can never be greater than your coverage limit.

Q. Total Recoverable Depreciation

The total amount of depreciation you can potentially recover.