Roof Insurance How To
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How To - Roof Insurance Claim
Has your roof been damaged by a storm? Insurance can cover the repair or replacement, but theprocess can be confusing and involved. Winchester Roofing is happy to assist in the process. If you are wondering what it takes to file a claim, we have outlined the entire process below.
Roof Insurance Coverage Types
Homeowners insurance policies offer different types of roof coverage, which are defined in your policy. If you are unsure, you can review your policy for the Wind / Hail coverage type. Most insurance companies allow you access your policy online, or you can contact the company or your insurance agent for details. (More on that below.)
Types of Wind / Hail Coverage
Common types of roof coverage include:
Replacement Cost - Your policy has the Wind/Hail coverage, and the insurance company will pay
to replace the roof (minus the deductible).
Actual Cash Value (ACV) - Actual Cash Value Coverage – Your policy does have Wind/Hail coverage, but the insurance company will factor in the age of your roof.
No Roof Coverage – Very unlikely, but this means the insurance policy does not cover any damage to the roof.
Below are a few terms that will be mentioned in your policy and during the claim process:
Deductible – Amount you pay out of pocket towards the repair or replacement.
Replacement Cost Value (RCV) – What you would pay to repair or replace the roof at today’s
Depreciation – Current value of your roof due to age, use, and condition. Depending on your
policy, some depreciation may be recoverable.
Recoverable Depreciation - If your policy will pay for the cost to repair or replace the roof, your initial payment from the insurance company may consist of the actual cash value (ACV) only. This will be the replacement cost less depreciation based on the age and condition of the roof. Once the repair or replacement is complete, you typically are able to claim this Recoverable Depreciation amount.
Non-Recoverable Depreciation – Reduction in value of the roof over time due to age, use, and
condition. Depending on your policy, some depreciation may not be recoverable.
Actual Cash Value (ACV) – What you would pay for the roof repair/replacement at today’s cost,
less the depreciation.
Paid When Incurred (PWI) – Work or materials that might not be necessary in the repair, but required by modern building codes, or best practices. These items will be reimbursed to you
after the expense is paid and you submit proof of work completion and payment.
Who is involved in the process?
Homeowner - That's You!
Roof Contractor - The local, reputable contractor who will help determine the amount of damage and the cost to repair or replace your roof.
Insurance Adjuster - Assigned by your insurance company, they oversee the claim and determine what will be covered and how much will be paid.
Filing a Roof Claim – What's Next!
A typical roof claim follows the steps outlined below:
Step 1 – Roofing Contractor
Contact a roofing contractor, local and reputable. If a large storm hits your area, it is very common for fly by night or nationwide roofing companies to come into the area, targeting specific storm damaged areas. You need to know that the company that helps with your roof issues will be around in the long term.
The Roofing Contractor will inspect your roof and help you determine the following:
1) There’s no damage.
2) Your roof has damage:
a. It needs to be replaced.
b. It needs to be repaired.
The roofing contractor can help you determine the level of damage, help to document the damage, and provide a written estimate. The cost of the repair, and knowing your insurance deductible amount, will help guide your decision on moving forward with filing an insurance claim.
Step 2 – Start The Claim Process
a. Call your Insurance Company - Contact your insurance company or agent. You will
want to explain the situation and the damage.
b. Get your claim number.
c. Schedule Insurance Adjuster Visit.
TIP: - Be polite to the insurance adjuster throughout the process, even if you are in a disagreement! Remember, the insurance adjuster determines what will or will not be replaced or covered under the claim.
Step 3: The Adjustor Visits
The insurance adjustor will inspect the damage. Typically, the adjustor will visit the home, go onto the roof, and take lots of pictures, measurements, and notes. They will also inspect any damage inside your home. Show them everything you believe to be related to the damage.
The adjustor will document the visit, gather all the necessary information, and submit their report back to the insurance company.
What could the adjustors report say?
The adjustor will inspect the roof and determine if they agree with the roofing contractor or not. They will also determine what will be covered by the claim and what will not be covered.
Let’s say the roofing contractor determines the roof will need to be replaced and that the cost will be $10,000.00. How will this impact you and what you must pay? Well, that depends on the coverage type. See below:
Under ACV Coverage: Under the ACV Policy type, the age of the roof is factored into the coverage. In this example, the roofing contractor has stated that the replacement cost is $10,000.00. Your roof is 10 years old, so the adjustor considers the age and sets your ACV value to be $8,000.00. After the deductible is paid, the balance due for the replacement you will need to cover is $3,000.00
Cost to Replace Roof: $10,000.00
ACV Value (Paid by Insurance): $8,000.00
Remaining Amount Due: $3,000.00
Total paid by Homeowner: $4,000.00
Under Replacement Cost of Coverage: Under this policy type, you have the Wind/Hail Coverage and the insurance company will pay to replace the roof (minus the deductible).
Cost to Replace Roof: $10,000.00
Insurance company pays: $10,000.00
Step 4: Let the Work Begin!
Congratulations! You have an approved claim and are ready to have your roof repaired or replaced.
What happens now?
1) The insurance company issues Check #1, typically the ACV value amount. Even if you have Roof Replacement Coverage, the ACV value will be paid initially to ensure the roof is replaced. They will hold back some of that replacement cost, typically called the Recoverable Depreciation, until the roof is fixed/replaced.
2) Roofing Company completes the work. The finial invoice will be issued and provided to you, which you will send to the insurance company.
3) Insurance company issues Check #2, which is the rest of the approved claim amount, less your deductible, which will be paid to the roofing company.
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