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Insurance Companys Are Changing Their Policy,
Have You Looked at your policy?
Significant Policy Changes for Roof Damage Coverage
In recent years, insurance companies have begun to modify how they cover roof damage, particularly for wind and hail. If your roof is older, some insurers might shift your coverage from Replacement Cost Value (RCV) to Actual Cash Value (ACV) when your roof reaches a certain age, typically around 10-15 years.
What does this mean for you? If your roof is covered under ACV instead of RCV, you'll only receive the depreciated value of your roof at the time of the loss, which can be substantially lower than the replacement cost. This leaves homeowners like you potentially paying out-of-pocket much more than just your deductible, especially when the time comes to repair or replace your roof after a storm.
Increased Deductible for Wind and Hail
Another change you should be aware of is the introduction of percentage-based deductibles for wind and hail damage. Depending on the age of your roof, your deductible might be 2%-5% of your home's coverage amount.
Let's break it down:
- For a home insured for $294,700, a 2% deductible means you’d need to cover $5,894 before your insurance kicks in.
- If your deductible is 5%, that number jumps to $14,735.
This could be financially devastating for many homeowners, especially after a severe storm that causes significant damage.
Gable Roofing is Here to Help Wichita Homeowners
At Gable Roofing, we believe it’s unfair that insurance companies are placing more financial burdens on homeowners, particularly those who have faithfully paid their premiums every year. These changes often come without clear communication, leaving you vulnerable to unexpected costs when disaster strikes.
Gable Roofing: Making Roof and Siding Projects Affordable
We understand that replacing your roof or siding is not the most exciting home improvement project. In fact, it can be downright stressful, especially when you’re faced with the prospect of significant out-of-pocket expenses. But what if we told you that there’s an upside?
Here’s the good news: Once you have your roof replaced, you have an opportunity to protect yourself from future financial surprises. Many insurance companies offer an endorsement that you can add to your policy when your roof is new. This endorsement ensures that, in the event of future damage, you won’t be left wondering how much you’ll have to pay out of pocket.
With this endorsement, you’ll only need to pay your original deductible—just like when you first signed your insurance contract. No more worrying about how much your insurance will cover or whether you’ll be hit with unexpected costs. This can give you peace of mind knowing that your investment in a new roof is protected.
And here’s how Gable Roofing can help: We offer financing options for large projects like roof and siding replacements, making it easier for you to manage these necessary upgrades. Our goal is to help you protect your home without breaking the bank.
By choosing Gable Roofing, not only do you get top-quality service and materials, but you also gain a partner who understands the importance of keeping your costs predictable and manageable. Let us help you navigate the complexities of insurance endorsements so that you can focus on enjoying the benefits of a secure, well-protected home.
How Do You Know When To File A Claim!
Straight Line Winds
Straight-line winds, often accompanying a typical storm front, can cause significant damage in a very short time. Unlike rotating tornado winds, these winds travel in one direction and can exceed speeds of 100 miles per hour. According to tests conducted by the National Severe Storms Laboratory, winds over 50-60 mph can damage roofs, uproot trees, and rip off shingles.
Shingles that are blown off can leave large areas of your roof completely unprotected from rain or snow. And shingles thta remain in place but have been bent or curled beyond their limits may lose their waterproof seal. Wind-driven debris, such as tree branches, could crack or pull up shingles and/or knock granules loose.
Hailstorms
A sudden flurry of hailstones can cause immediate damage to shingles, flashings, and gutters. Visible signs of roof hail damage include loss of granules, divots, and cracks. Sometimes, roofing shingles will split beneath their surface due to a hailstone's impact, leaving your roof vulnerable to water infiltration.
Signs of Roof Damage Inside
Storm damage can also impact the interior of your home.
Be on the lookout for these signs:
- Water Stains on Ceilings and Walls: Indicate potential roof leaks caused by hail damage.
- Damp or Moldy Areas: Especially in the attic or upper levels, suggesting water infiltration.
- Peeling Paint or Wallpaper: Due to moisture seeping in from damaged shingles.
- Wet or Sagging Drywall: C
Should You Call a Roofer or Insurance Company?
Having Roof damage after a strong storm is a stressful situation.
Going through the insurance claim process to take care of your problem can add even more stress. If you've never been through the process before, the most confusing part is knowing where to start. Do you immediately call a roofing company? Or do you call your insurance company first?
This is a common question that most homeowners have after realizing they have storm damage. Because we want you to be as informed as possible about the entire insurance process, we're going to break it down for you.
The team at Gable Roofing we have helped homeowners in the Wichita and surrounding areas. We fight for you to ensure you get everything your roof needs to protect you and your family. That's why we like to say 'We work for you, not the insurance company."
Call Us Before Your Insurance Company?
Storm Damage Can be stressfull
Experiencing a storm can be stressful and dealing with its aftermath often feels overwhelming. While it may seem intuitive to first call your insurance company. Contacting a professional roofing company like Gable Roofing, this is crucial step in ensuring a smooth and effective recovery process.
Experts Damage assessments
Our team at Gable Roofing are trained to conduct thorough assessments of storm damage. We can identify both obvious and subtle damages that might be overlooked. By getting an accurate and comprehensive evaluation of your roof's condition, you'll have a solid foundation for your insurance claim, ensuring that all damages are properly documented and accounted for.
assisstance with insurance claims
We specialize in navigating the complexities of insurance claims. With our expertise, we can guide you through the process, helping to simplify and expedite your claim. We provide detailed documentation of the damage, which can be invaluable when dealing with insurance adjusters. Our aim is to make sure you receive the fair coverage you're entitled to for Repairs or Replacement.
Immediate Protective measures
Our team can also provide immediate temporary solutions to prevent further damage to your home. Quick actions like emergency tarping can be essential in protecting your property from subsequent weather exposure, which not only secures your home but also strengthens your insurance claim by showing proactive damage mitigation.
Our Services
We offer a wide range of roofing services, including roof repair, roof replacement, and roof installation. Our team of experts uses only the highest quality materials to ensure that our clients receive the best possible results.
tailored recovery plan
after assessing the damage we work with you to create a personalized recovery plan. This plan is designed to address your specific needs and budget, ensuring a restoration that aligns with your expectations and requirements, we prioritize your home's safety and your peace of mind.
Contacting your Contractor First
By contacting us before your insurance company, you can gain a knowledgeable ally in the recovery process. We ensure that your damage is accurately assessed, your insurance claim is robust, and your home receives the repairs it needs. Don't navigate your post-storm insurance claim chaos alone. Let Gable Roofing guide you through the process effectively and smooth.
Give us a Call
Don’t wait until after you’ve called your insurance. Get the expert help you need right from the start. Contact us now for a comprehensive storm damage assessment and the guidance you need to navigate your insurance claims successfully.
3 Reasons To Show Your Insurance Estimate to a Roofing Contr
When your roof endures the impact of a severe storm, it's natural to feel concerned about its condition. Fortunately, if you have homeowner's insurance, you have the option to file a claim with your insurance company to cover the necessary repairs.
While dealing with roof damage is undoubtedly stressful, navigating the insurance claim process can amplify your worries. Even if you've gone through the process before, it's common to have numerous questions lingering in your mind.
"Should I share my insurance claim with you?"
The truth is, it's crucial to share your insurance claim with your prospective contractor. This information is essential for them to understand the complete scope of roofing work that your insurance company deems necessary. By being fully informed about the insurance process, you can make more confident decisions regarding your roof repairs or replacement.
- 3 Reasons Your Contractor Needs to See Your Insurance Estimate
- Can Insurance Cover a Full Roof Replacement?
They need to know what work has been approved
By neglecting to share your insurance paperwork with your roofing contractor, they will remain oblivious to the fact that you have an active claim. Consequently, they won't have insight into what your insurance covers in terms of the estimate and the extent of necessary work.
Without this crucial information, there is a risk that your contractor may provide a quote exceeding the summary pricing outlined by your insurance company. Summary pricing represents the predetermined market value of services covered by your insurance, encompassing labor and material costs, and it is regularly updated.
It's important to note that certain insurance adjusters may overlook specific items mandated by local codes. If your policy includes a provision for code upgrades, your insurance company is obligated to cover these expenses. However, if you fail to share your claim with your contractor, they won't be aware of the coverage for code upgrades, potentially leading to a significantly higher quote compared to your insurance estimate.
By disclosing your claim to your contractor, you ensure that your damaged roof receives precisely what it requires while adhering to the guidelines outlined in your insurance policy. This transparency guarantees that you receive the necessary repairs while staying in compliance with your insurance coverage.
It Prevents You From Accidentally Committing Fraud
To ensure a smooth process, it is essential to discuss any potential roofing claims with an insurance agent. Once your claim is approved, depending on your policy, your insurance company will issue a check for your roof's Actual Cash Value (ACV) or Replacement Cost Value (RCV). Let's break down each policy:
ACV Policy: This policy covers the depreciated value of your roof. If you have this policy, your insurance company will send you a check reflecting the current value of your roof.
RCV Policy: Under this policy, your insurance company will cover the cost of replacing your roof. You will initially receive a check for the ACV of your roof before repairs commence. The insurance company will retain the calculated amount of depreciation, known as recoverable depreciation.
Recoverable Depreciation: This is the final check sent by your insurance company after you provide proof of repair or replacement completion. Once your project is finished, you will receive a letter of completion along with an invoice. Submitting the invoice to your insurance company allows you to receive a second check for the depreciated amount over the roof's lifetime.
For homeowners with an RCV policy, showing your claim to a contractor prevents inadvertent insurance fraud. If your contractor's estimate falls short of the agreed-upon payment from your insurance, you cannot keep the leftover money.
To avoid insurance fraud, all repairs listed in your insurance claim must be included in your contractor's scope of work. This requirement is why an RCV policy demands proof of completion before releasing a check for recoverable depreciation. Requesting the check without completing the necessary work can result in your insurance company identifying it as fraud.
It Builds Trust Between You & Your Contractor
Once your insurance claim is approved, seeking quotes from multiple roofing contractors becomes unnecessary. By sharing your paperwork with your chosen contractor, they can focus on providing you with a top-notch roof that meets the requirements set by your insurance.
This collaborative approach fosters trust between you and the contractor. Since they are working with an insurance claim, they have no motivation to upsell you on materials or components that are not specified in your claim.
Rest assured that your contractor will provide an honest breakdown of your claim, while you can trust them to handle the project correctly from the start. Building this trust ensures that your roof is completed to your satisfaction, aligned with your insurance guidelines.
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The truth about roof repair and replacement coverage
Often lies in the details of your homeowner's insurance policy. Generally, homeowner's insurance will cover roof repairs or replacements due to storm damage, but not leaks caused by normal wear and tear or lack of maintenance. To guide you through this process, review the exclusion section of your policy before filing a claim.
Insurance companies are changing how they pay out on roof, siding, and other exterior damages caused by hail and wind. If you have any questions, our experts at Gable Roofing can help. We have extensive knowledge of insurance policies and can assist you in understanding the benefits available to you. Remember, you pay your premiums every year for a reason.
Gable Roofing is here to make the process easier by guiding you through the homeowner's claim process associated with storm damage. Give us a call for trust and confidence in the claim process at (316) 295-0026.
