Thursday, March 5, 2015

FAQ's About Insurance Claims - The Insurance Claims Process for your Roof

Will my insurance company pay for my roof to be replaced?
Yes, if there is damage caused by an act of nature such as wind or hail.  Contact your Roofing Professionals of Texas Project Manager for more information.

Does it matter how old my roof is?
Not as far as determining whether to pay or not, but it does affect how much the insurance company will pay if you have an actual cash value (ACV) policy. Contact your Roofing Professionals of Texas Project Manager for more information.

How much do I have to pay?
This depends on your deductible and the type of policy you have. If you have a full replacement policy, your total cost would be the amount of your deductible. If you have an actual cash value (ACV) policy, the insurance company subtracts your deductible from the total amount, and then they subtract a portion for depreciation. Depending on the age of the roof. This depends on how they pay you. Some insurance companies will pay a lump sum at one time, while others will require the work to be completed before they release a final payment. If they pay a portion up front and are holding a portion back until completion, the final bill will be determined by the actual invoice not to exceed the adjusted amount.  Contact your Roofing Professionals of Texas Project Manager for more information.

EXAMPLE: The insurance company says it will allow $4,000.00 to replace your roof. Your deductible is $500.00. You will only receive $3,500.00 if the job costs $4,000.00. If the job costs $3,700.00, the insurance company will pay you $3,200.00 total, since your deductible is $500.00. They only owe the actual amount not to exceed the adjusted amount. Your Roofing Professionals of Texas Project Manager will also get more money for your repairs and renovations from your insurance company, but you need to contact your Elite Roofing Solutions Representative for more information.

How can I avoid paying the deductible?
Legally, you can't. Of course, a roofer in collusion with a homeowner can submit falsified invoices. However, doing so is insurance fraud. Please don't ask us to do this. There are legal ways to do this, but you need to contact your Roofing Professionals of Texas Project Manager for more information.

Should I get several bids?
It is always good to get multiple bids on non-insurance related renovations. However, when insurance is paying for the work, the dollar amount of the bid is not very important as long as it is equal to or less than the insurance company estimate. In all such cases, you will only be paying your deductible, so your cost will be the same. Therefore, your decision should be based on going with your Roofing Professionals of Texas Project Manager we will perform the best job.

What if your bid is greater than the insurance company's estimate?
Supplements are an option to address overages on your estimate. We will almost always work something out with the insurance company on your behalf.

Can I get upgrades on my materials?

Yes, however, the increase in price above the insurance price is your responsibility. This is a great time for upgrades since the insurance company is responsible for the bulk of the cost. Also, if you have another storm related claim, the insurance company will be forced to pay for the upgrades.  Contact your Roofing Professionals of Texas Project Manager for more information.

Waiving the deductible rumors

HOW INSURANCE CLAIMS WORK When an insurance claim is filed on a property, the insurance company is paying fair market value to bring tha...