When it comes to insurance lingo, laws and construction estimating…you’re not on a level playing field with the experienced insurance company. But, although you may be unfamiliar with your policy and the process in general, there are laws and rules that give you rights. Use them to negotiate and recover the full benefits you’re entitled to under the policy you paid for.
Roofing Insurance Claims
Review your Insurance Policy
Insurance Deductible
ls your policy written with a deductible that is a percentage or a flat amount? A deductible is an amount of money that you yourself are responsible for paying toward an insured loss. This amount is subtracted, or “deducted,” from your claim payment. The amount of your deductible will be listed on the declarations (or front) page of standard homeowners insurance policies. If you can not find it, call your insurance agent.
Calculating a percentage deductible: Percentage deductibles are calculated based on a percentage of the home’s insured value. Example: if your house is insured for $100,000 and your insurance policy has a 2 percent deductible, $2,000 would be deducted from any claim payment. In the event of a $10,000 insurance loss, you would be paid $8,000 (Amount of Claim – 2 percent deductible). In the event of a $25,000 loss, your claim check would be $23,000.
Replacement Cost vs Actual Cash Value Policies
- Replacement Cost policies provide you with the dollar amount needed to replace a damaged item with one of similar kind and quality without deducting for depreciation (the decrease in value due to age, wear and tear, and other factors).
- Actual Cash Value policies pay the amount needed to replace the item minus depreciation.
- Note: lf you have a mortgage on your house, the check for repairs will generally be made out to both you and the mortgage lender.
1st Claim Check. ACV Actual cash value
In most instances, an adjuster will inspect the damage to your home and offer you a certain sum of money for repairs, based on the terms and limits of your homeowner’s policy.
2nd Claim Check: Recoverable depreciation, for replacement cost policies.
After the work is completed and inspected by the homeowner, a Certificate of Completion is sent to the insurance company to show the work was completed and to release the remaining monies for the entire claim.
3rd Claim Check:
A third claim check may be issued if a supplement is needed for additional repairs that were not included in the original insurance claim. This would include any upgrades, agreed upon by the homeowner and TSCR that are not included in the insurance claim scope of work.
Learn more about the insurance claims process here.
No matter if you work with Tri-State Roofing or another contractor, we recommend having a third party roofing contractor represent you when the adjuster from the insurance company arrives at your home for the inspection. The average claim is 27% higher when you are represented by a roofing contractor.
My name is Jason Mazzanti and I am the president of Tri-State Contracting & Roofing, Inc. We are a residential and commercial roofing contractor that has been doing business in Tennessee since 2012. Our roof system experience coupled with manufacturer certifications, supplier support, peers, and classroom training have honed and cultivated a high standard of excellence. Every project is carefully inspected and analyzed to achieve an aesthetically pleasing, warrantied roof system. Finding a roofing contractor you can trust with the right solution for your needs can be a difficult task. At Tri-State, we understand what roofing & superior workmanship require. After all, a quality roof does not just come together. Rather, it is the end product of solid grade materials, expert installation, and timely responsiveness.
Please do not hesitate to call us at (615) 784-4628 to request an appointment or to have your questions answered. References are available upon request.
