Who is responsible for what, when, and how? Understanding roofing insurance claims may clear you of some of the stress associated with these situations.
As soon as possible, after checking the damage map in your area to see whether there is any hail or other storm damage on your roof—you'll need to make two critical phone calls. To begin, contact a local roofing company to schedule an assessment of your roof. It is up to the insurance company to decide whether the damage is covered by your deductible.
Immediately notify your home insurance carrier to make a claim and schedule an appointment with an adjuster if you have any damage. You'll probably still have questions regarding the procedure at this time. Frequently asked questions include, "Who pays for what?" and "Can I retain the funds and complete the job myself?"
Understanding the Roofing Insurance Claims Language
- ACV or Actual Cash Value is the typical method of valuing property in the business. In order to arrive at the ACV, the replacement cost is subtracted from the depreciation.
- RCV is a term used to describe a Replacement Cost Value.
- In accounting, "Depreciation" is the process of deducting the value of an asset depending on how long it has been in use.
- The amount you'll have to pay out-of-pocket for a roof repair or replacement is known as the "Deductible."
- Any amount remitted to the homeowner over and above the ACV is referred to as "Recoverable Depreciation."
>>Related post: How To File For An Insurance Claim (As a Roofing Contractor)?
The Process In Understanding Roofing Insurance Claims
- Get connected with a local roofing contractor with a solid reputation and a physical location in your neighborhood. Keep an eye out for "fly-by-night roofers" who may show up in the region after a storm. If their work is of poor quality, you will almost certainly never see them again.
- The contractor will decide whether or not you have sustained damage over your deductible. The contractor will urge you to contact your insurance carrier to set up a meeting with an adjuster if any qualifying damage has been discovered.
- Make a time for the insurance adjuster to come in and talk with you and your roofer. The roofing firm and the adjuster will meet at the property to conduct a formal inspection of the insured property.
- Obtain permission from the homeowner to have the roof replaced, following the determination of the RCV by your insurance adjuster and the contractor. Discuss time periods, detailed expectations, and payment conditions with the client before authorizing the task to be performed.
- Choose your shingles and choose a date for the job to be completed. The completion time for roof replacements might vary somewhat depending on the weather, the size of the property, and the steepness of the roof slope. Your roofing contractor and project manager will keep you up to date at every stage of the process.
- After the work is completed, you should provide your certificate of completion to the adjuster. The roofing contractor will give you a certificate of completion or submit it on your behalf to your insurance provider. They will provide the final payment as soon as they obtain the certificate of completion. This is something that your roofing contractor will aid you with.