A comprehensive guide to roof insurance claims
Storms have the potential to cause extensive damage to our homes., with roofs often bearing the brunt of the damage. In this guide, we'll explore the impact of storm damage on roofs and walk you through the intricate process of filing roof insurance claims. Let's explore the details of safeguarding your home and guaranteeing a smooth restoration process.
Hail - Pockmarked surfaces, dented shingles, and compromised structural integrity.
Wind - Missing or lifted shingles, debris impact, and potential leaks.
Water - Leaks, mold growth, and compromised insulation
INSURANCE CLAIM PROCESS
After a severe storm, it is important to document the damage, take pictures and videos of the damage as soon as possible, and review your insurance policy to understand coverage, deductibles, and specifics related to storm claims.
Contact your Insurance company to notify them of the damage, and they will schedule an inspection of your property with one of their adjusters. The insurance adjuster will then provide an estimate that outlines the amounts covered by the insurance company and the deductibles you are responsible for.
NOTE: It's essential to note that most insurance companies use a software program called Xactimate to handle home insurance claims. While there are other options like Symbility Software, Xactimate is the most widely used due to its effectiveness and popularity in the industry.
UNDERSTAND YOUR INSURANCE CLAIM
Here is a sample of how your Estimate claim might look. It might also include introduction letters and explanations of your policy.
Your personal information, like name, home address, phone numbers, etc.
Your Insurance Information
This is the price list the insurance adjuster is using to determine the amount of coverage. NOTE: THIS PRICE LIST IS UPDATED ON MONTHLY BASIS.
These line items detail each component necessary for replacing the damaged roof.
These columns indicate each line item's quantity and price per unit and the applicable tax.
RCV = Replacement Cost Value. The cost to replace or repair damaged items with similar ones, it is the amount would take to get things back to how they were before the damage occurred.
DEPREC. = Depreciation. It's the decrease in the value of each item over time due to factors like wear and tear, age, etc.
ACV = Actual Cash Value. This is the value of each item at the time it was damaged or lost. This is calculated by subtracting the depreciation from the replacement cost value (RCV).
Totals for each column
** IMPORTANT **
Price should not be a factor when choosing a contractor, as insurance software sets the prices. It’s crucial to choose one you trust. Once you’ve made your decision, provide them with your insurance estimate so they can review exactly what’s covered.
Understanding what the insurance company covers is vital. Adjusters are human and can make mistakes. Work with a contractor familiar with the same software to ensure alignment between your insurance and contractor. A reliable contractor will identify any missing items or measurement inaccuracies and submit a supplement request if necessary.
At the end of your Insurance Estimate, you will find a Summary.
The Deductible amount is the responsibility of the homeowner.
The Net Actual Cash Value is the initial payment the insurance company will release to the homeowner. (It is the ACV minus the deductible.)
Depending on the type of policy, the homeowner can receive the Total Recoverable Depreciation from the Insurance Company when the project is completed.
Usually, your contractor will provide a final invoice with pictures of the completed job that needs to be submitted to the insurance company.
*After this, your Insurance Claim will be settled.
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