The proper approach most likely varies from insurance company to insurance company but don’t most insurance companies send out a home inspector to estimate the repair cost for a claim and set the budget this way?
Industry standard for insurance work is 10% profit & 10% overhead. Based on unit priced estimating.
Hello What is average rebuild cost in Florida?
You should estimate your project with xactimate, which is the industry standard for insurance estimating. This will automatically generate an estimate with 10% profit and 10% overhead. There is also a built in 20% profit within the body of the estimate to cover additional items incurred that cannot be accounted for. Always reach an agreed price with your adjuster before starting the repairs.