“Read every word of this free report to completely understand your insurance claim, the possible pit-falls, and how to hire the best contractor"
The Process and Terms You Need to Understand
The paperwork you receive from your insurance company is an estimate for repairs. We use the same software that your adjuster uses and we know how much for each item they “should” pay. The amount of your checks is not a secret. If you think your check isn’t big enough to get your roof replaced, don’t worry because it is only an estimate – not a final settlement. We will make sure that you receive every dime that your insurance company is required to pay. That amount is the “fair market price” for materials and labor and is usually figured using the same Xactimate software that we use.
Your insurance company cannot cancel your policy or raise your rates for weather related claims. However, when you’re involved in a catastrophe, your insurance company may raise rates on everyone impacted in order to stay in business.
What about getting 3 bids?
Some insurance companies even advise this. Hmmmm, could there be a reason? If you were getting a deck built or other construction project then I would say absolutely get 3 bids. However, when dealing with insurance claims you actually “shoot yourself in the foot” by doing so. The insurance company will of course go along with the cheapest bid you submit to them and laugh all the way to the bank. They are not stupid. They love it when they don’t have to spend the money for getting market value for labor and materials. They keep the savings, not you! If after getting your first check based on the insurance companies’ estimate you hire a roofing company that charges less than that estimate (a.k.a. “fair market price”), you run the risk of getting stuck with cheap materials, an inexperienced crew, LEAKS and no service after the so called "contractor" gets your last check. The difference between your insurance companies estimate and the cheapest bid can’t be used to help pay your deductible. Your insurance company keeps all of the savings when you go with a bid lower than their estimate. They will subtract your deductible from the final lower-priced invoice rather than the total claim originally allowed and they will also keep whatever portion of your depreciation that you don’t use. That’s understandable because they’re in business to make money for their investors just like any other company.
The Insurance Claim Checks
When your insurance company agrees to pay your claim, they will normally cut a first, partial-payment check minus your deductible and also a percentage for depreciation. If the repairs or replacement are completed and final invoiced for by your contractor, then the insurance company will release the depreciation amount in the form of a second check. The first check is usually just enough to cover buying the materials for the job. Sometimes your adjuster will write the first check while they’re at your home. Other times, it will be mailed to you within a week to ten days – after they complete their required paperwork and get approval from their home office.
Your ACV check (first check) is sometimes co-endorsed to you, your contractor and possibly your mortgage company. You may need to get a signature from the mortgage company at your local branch or you may have to overnight the check to the mortgage company if there are no local branches. If your check is not co-endorsed to your mortgage company, simply sign the back and give it to your contractor if they are listed as an additional payee. If the contractor is not listed as an additional payee then you just write a personal check to the name of your contractor's company (Roof Rescue) for the same dollar amounts as the checks come in.
A.C.V. or R.C.V. Insurance Policy
The first check normally has your deductible and any applicable depreciation already deducted. If you have an A.C.V. (actual cash value) policy, your depreciation is non-recoverable. That just means that once you get paid the first check, there won’t be any more money available to make the repairs. Sometimes, the A.C.V. portion of your policy only applies to your roof replacement which is the most expensive part of most insurance claims not involving fire, smoke and water damage.
If you have an R.C.V. (replacement cost value) policy, your depreciation is recoverable. That means there’s at least one more check coming after the repairs have been completed. Obviously, this is the best type of policy to have if you have a claim because you’ll have enough money to get everything repaired or replaced professionally.
How Does My Depreciation Work?
When you have an R.C.V. policy, your insurance company may hold back recoverable depreciation. Depreciation is the amount of your settlement that is not paid unless and/or until you need it to finish fixing your home. The depreciation check is not sent to you until after you submit your roofing contractor’s final invoice to your insurance company.
Most policies cover full replacement cost minus your deductible. However, you need to know if you have an A.C.V. or an R.C.V. policy because it impacts how much money you’ll have to make repairs. If you’re not sure, ask your insurance adjuster or call your local agent.
If you do not spend all of the depreciation to get your home fixed, your insurance company will keep the difference. They will subtract your deductible from the final lower-priced invoice rather than the total claim originally allowed.
“Your insurance company keeps any depreciation money not spent on getting your home fixed.”
After the final invoice is submitted, your insurance company, and sometimes your mortgage company, may want to do a final inspection. That’s to make sure that all of the work on the invoice has been completed in a workmanship like manner before releasing the second depreciation check. This step is getting more and more rare to see.
3 Quick Depreciation Tips
1. Depreciation is the amount of money withheld from you until your work is completed when you have an R.C.V. policy.By withholding depreciation, your insurance company ensures that they only pay the balance after you pay your deductible.
2. Your insurance company will match, not exceed, your roofing contractor’s “fair market value” bid, less your deductible.
3. If you do not spend all of the money allowed, your insurance company keeps the difference and pays the balance.
What About Supplemental Claims?
In a storm environment, with rising material and labor costs, it may also be necessary to request a supplemental claim to cover the rising expenses. Also, if your adjuster did not pay enough for the line items or forgot items we will supplement the claim for those differences. When a supplemental is paid, your insurance company will agree to issue a third or even a fourth check beyond the original claim ACV check. Like your ACV check these checks may be made out to you the homeowner and the contractor and may need the signature of your mortgage company too. It depends on the amounts of such checks and that insurance company's rules.
Your deductible is the portion of your claim that is not covered by your insurance company. In some cases, the deductible for your roof may be different than the deductible for the rest of your home. Check your policy or call your agent to find out how much your deductible will be.
The all powerful insurance companies have lobbied state legislatures to get laws passed (as of September 1st 2019) that require you to do one of the following: 1. You to pay your deductible to the contractor. (2 and 3 no longer exist with the new law in place) 4. Your contractor can finance in-house your deductible amount. Even if you have a very large deductible (more than 1% of the insurance stated value of your home) we can make it affordable for you on a monthly payment plan. Which one of the (now two) strategies above is dependent upon what YOU want and what is possible. Each claim is different and we will help you as best we can.
What If I Get A Cheaper Estimate?
Unfortunately, getting a cheaper estimate won’t put a penny in your pocket because your insurance company won’t release all of the money until the job is done and they get a final invoice from your contractor.
If you’re like most people in your area you are tired of so called “roofers” coming to your door all the time and leaving their flyers everywhere. The fact of the matter is that after a storm like your area has suffered many of those “roofers” you are seeing were flipping cheeseburgers at McDonalds yesterday and got hired as salesmen today or they went and bought a ladder, some business cards, and got their D.B.A. and now have a “Roofing Company”. The roofing industry in Texas is unregulated and scam artists and gypsies abound after a big storm. At least in Oklahoma they are required to register with the State and have insurance. As if getting your privacy violated on a daily basis for several months was not enough, as a homeowner you also have to worry about your insurance company approving your claim and also paying enough for the claim to get your property back in shape. That’s where ROOF RESCUE comes in.
We have over 15 years of r insurance claim experience in Texas, an A+ B.B.B. rating (Roof Rescue) and we have hundreds of satisfied customers. We want you as a customer for life and not just after a storm. To that end we will help you with your insurance claim and make sure you are paid the maximum allowed so that you can be assured of getting a quality job that you do not have to worry about. By the way….letting us put a sign in your front yard will usually keep your door bell from ringing all day long and keep a lot of the flyers off your door…Just a thought…
Obviously, there’s hail damage in almost every neighborhood around you. That’s why most of your neighbors are getting brand new roofs and you can too!
Here’s what I can tell you:
Most of your friends and neighbors have the same hail damage that you do. They are getting new roofs too…..usually for (no money out of pocket- NOPE , NOT ANYMORE! Thanks to your insurance company lobbyists) You now have to pay your deductible in full or have a payment plan for the deductible.
The crew will finish in a day and the house will look great again.
Hail damage isn’t usually visible from the ground. You’ll need a professional inspection to find out if you can get a brand new roof too.
Your insurance company should pay for everything, but there’s a time limit on the claims process. If you miss the deadline, you’re stuck with an old roof the minute the time expires.
If you’re like I am, you want anything that has to do with your money “Guaranteed in Writing” AND TO BE LEGAL!
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