The insurance company withheld depreciation on my roof. Will I get that money?
Yes. Most all home owner policies cover full replacement value. The first check the insurance company gives you is the Actual Cash Value (ACV) what the roof is worth today with its useful remaining life. The money that was withheld is call the depreciation and will be paid to you when the work is completed or most times upon the submission of a signed contract with a licensed contractor for the work specified in the insurance adjuster’s summary report.
Why did the insurance company withhold depreciation?
There are two reasons that the insurance companies hold some money back. The first reason is to make sure that you get the work done. Past experience has shown them that, if they give the customer all the money up front, many people end up spending it on something else. The second reason is that they wish to make sure that you pay your full deductible. The insurance companies reason that, if you are given all the money to begin with, many people would naturally try to find a contractor who would perform the job for the dollar amount in hand. By holding a retainage amount, they can adjust the amount of the final payout based on the roofing contractor’s invoice, thus assuring that the customer does pay the deductible.
On my paperwork, it looks like my insurance company has already deducted my deductible from the check they sent me?
When most people look at their insurance paperwork they are confused, because they think the insurance company deducted their deductible from the money the insurance company has sent them. However, the deductible is the amount that the homeowner is responsible for paying directly to the contractor. The insurance company subtracts the homeowners deductible amount on the paperwork from the total amount the insurance company allows for the claim, since the homeowner will pay their deductible directly to the contractor. The balance after subtracting what the homeowner will pay directly to the contractor as a deductible, is the total amount the insurance company will actually pay for the claim.
Should I get several estimates?
It is always prudent to get more than one estimate. However, when insurance is paying for the work, the dollar amount of the estimate is not very important as long as it is equal to or less than the insurance company estimate. In all such cases, with Gladiator Roofing and Construction, at the most you will only be paying your deductible, so your cost with us will be what the insurance company pays. Therefore, your decision should be based on going with the contractor that you feel most comfortable with and whom you feel will perform the best job.
What if your estimate is greater than the insurance company’s estimate?
Usually this is because of something the insurance adjuster missed in the scope of work to be completed. We can almost always work something out with the insurance company. We will submit what is called a “supplement“ with documentation in the form of pictures, measurements and paperwork. The insurance company will review the supplement and upon approval, send a check for the additional monies needed to make the repairs.
Will my insurance premiums go up if I file a claim for storm damage?
Typically, insurance companies cannot single out a homeowner for a rate increase based on an “Act of God“ storm damage claim. However, your insurance company can raise rates for everyone in your “GEOGRAPHIC“ area. So, if you don’t file a claim, your increase in premium will pay for everyone else’s repairs, except for yours and your rates will rise anyway. In many cases our clients premium have not gone up due to the FREE UPGRADE to IMPACT RESISTANT SHINGLES we offer!!
I have already been denied by my insurance. Is there anything I can do?
Ask for a re-inspect on your previous claim that has been denied. To increase your chances of approval make sure your Gladiator Roofing and Construction Representative is present during the 2nd inspection. Gladiator Roofing and Construction is experienced in storm restoration and can often help with your re-inspect due to our knowledge of what damage really is and can do as hail damage is not always visible right after the storm.
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