Payment Options

At Ascension General Contractors, we provide several different payment options for our clients to help them accomplish the remodeling or renovations projects they are looking to complete. These payment options include both with insurance and without, providing our clients with the opportunity to find the best option for their project.

Still have questions about our different payment options?

Contact us today at Ascension General Contractors! We are here to help you from start to finish.

Insurance Work

All disasters can make enormous demands on insurance company personnel, especially those considered to be large-loss events. Sometimes after a major disaster, state officials ask insurance company adjusters to see everyone who has filed a claim before a certain date. When there are a huge number of claims, the deadline may force some to make a “rough first estimate.” If the first evaluation is not complete, set up an appointment for a second visit. The first check you get from your insurance company can often be considered an advance payment and not to be considered the whole claim. If you’re offered an on-the-spot settlement, you can accept the check right away. Later on, if you find other damage, you can “reopen” the claim and file for an additional amount.

Most policies require claims to be filed within one year from the date of the disaster. Some insurance companies may require you to fill out and sign a proof of loss form. This formal statement provides details of your losses and the amount of money you’re claiming and acts as a legal record. Some companies waive this requirement after a disaster if you’ve met with the adjuster, especially if your claim is not complicated.

The choice of repair contractor is your decision to make. If your home was adequately insured, you won’t have to settle for anything less than you had before the disaster. Be sure the contractor is giving you the same kind and quality material as you previously had. It is our recommendation to not get permanent repairs started until the adjuster has approved the claim, and you have the proper information on the total loss. If you’ve received bids, show them to the adjuster. If the adjuster agrees with one of your bids, then the repair process can begin. If the bids are too high, ask the adjuster to negotiate a better price with the contractor. Adjusters may also recommend firms that they have worked with before. Some insurance companies even guarantee the work of firms they recommend, but such programs are not available everywhere nor do all insurance providers have those agreements in place. Make sure contactors get the proper building permits if applicable.

How You Receive The Money

When both the dwelling and the contents of your home are damaged, you generally get two separate checks from your insurance company. If your home is mortgaged, the check for home repairs will generally be made out to you and the mortgage lender. As a condition of granting a mortgage, lenders usually require that they are named in the homeowner’s policy and that they are a party to any insurance payments related to the structure. The lender gets equal rights
to the insurance check to ensure that the necessary repairs are made to the property in which it has a significant financial interest. This means that the mortgage company or bank will have to endorse the check. Lenders generally put the money in an escrow account and pay for the repairs as the work is completed.

You should show the mortgage lender your contractor’s bid and say how much the contractor wants upfront to start the job. Your mortgage company may want to inspect the finished job before releasing the funds for payment. If you don’t get a separate check from your insurance company for the contents of your home and other expenses, the lender should release the insurance payments that don’t relate to the dwelling. It should also release funds that exceed the balance of the mortgage. State bank regulators often publish guidelines for banks to follow after a major disaster. Contact state regulatory offices to find out what these guidelines are.

At Ascension General Contractors, we will request for you to sign a direction to pay form that allows your insurance company to pay our firm directly. The firm then will bill your insurance company directly and attach the form you signed.

If you have a replacement cost policy for your personal possessions, you normally need to replace the damaged items before your insurance company will pay. If you decide not to replace some items, you will be paid their actual cash value. Your insurance company will generally allow you several months from the date of the cash value payment to replace the items and collect the full replacement cost. Find out how many months you are allowed. Some insurance companies supply lists of vendors that can help replace your property. Some companies may supply some replacement items themselves.

Ascension General Contractor’s standard operating procedures require deposits upfront. These deposits can range anywhere from 25-50% of the approved estimate total, depending on the size of the project and details are agreed upon before work is performed.

After your claim has been settled and the repair work is underway, take the time to re-evaluate your homeowner’s insurance coverage. For example, was your home adequately insured? Did you have replacement cost coverage for your personal property? Talk to your insurance agent or company representative about possible changes.

Non-Insured Work

Non-insurance-related projects are similar but do not include an insurance provider during the estimating process. Ascension General Contractors will provide the homeowner with an estimate reflecting the cost, and scope of work discussed during the on-site meeting with the deciding factors. After the estimating process has occurred and an estimating agreement has been reached, Ascension General Contractors will require a signed agreement as well as a deposit for mobilization. These deposits can range anywhere from 25- 50% of the approved estimate total, depending on the size of the project and details are agreed upon before work is performed.

Still have questions about our different payment options?

Contact us today at Ascension General Contractors! We are here to help you from start to finish.