If you’re the victim of a springtime hail or wind storm in the Dallas-Fort Worth area, hopefully, you have already called Roofing Wiz for your FREE roof inspection. During your roof inspection, our professional team at Roofing Wiz will be able to provide you with an accurate estimate of the damage and what it will take to have your home looking like new again.And, if our team decides that filing an insurance claim is in your best interest, there are a few things you need to know that will help you make sense of the entire claim process.
- You only have a limited amount of time to file a claim.
Once your home has sustained damage from a storm you only have a limited amount of time to file an insurance claim. Most home insurance policies allow homeowners one year to file a claim, however, it is in your best interest to get a roof inspection from a company like Roofing Wiz within 30 days of a hail or wind storm. By doing so you can provide timely evidence of roof damage to your insurance company.
- The difference between an Actual Cash Value Policy and a Replacement Cost Policy.
There are two typical types of homeowner’s insurance policies that cover roof damage. The first is an Actual Cash Value Policy and the second is a Replacement Cost Policy.
A Replacement Cost Policy is an insurance policy that will pay to repair or replace the damaged roof with a roof of comparable materials and quality. For example, if you had a 25-year roof installed 5 years ago with architectural shingles, the payment you receive from the insurance company should be enough to cover a new 25-year roof with architectural shingles.
An Actual Cash Value (ACV) Policy covers repairs to your roof at a depreciated value. Therefore, the payment you receive from the insurance policy will be for the replacement cost of the roof minus depreciation (Replacement Cost – Depreciation = ACV).
In insurance terms, depreciation is calculated based upon the life of the object you are looking to replace. For example, if your home had a 20-year roof it would depreciate at 5% per year. And, if you installed it 5 years ago, it would now be depreciated 25%. Therefore you would receive reimbursement for your roof repairs at Replacement Cost – 25%.
- How you will receive the payment for your new roof from your insurance company
Once you file a roof claim and after an initial inspection, most insurance companies will typically release a check to you for you actual cash value (ACV) of the necessary repairs. Then, upon project completion, you will receive another check from the insurance company for the depreciation of the repairs done (aka the remaining value of what your insurance policy will cover). *Note that the check provided by your insurance company might also require a signature from your mortgage company to be cashed.*
At Roofing Wiz, we promise to walk with you through the entire claims process from inspection to completion. We will help you understand your insurance policy and ensure you get what you are entitled to from the insurance company. All you have to do to get started is schedule your FREE, no obligation roof inspection online TODAY!