Your roof weathers the storm to provide protection for your home, your family, and everything therein. However, a severe storm can wreak havoc within a twinkle of an eye and cause massive damage to your roof, exposing your home to water damage. If you’ve been a victim of storm damage, it’s important to file an insurance claim and have your roof repaired as soon as possible. Unfortunately, the process of filing an insurance claim can be confusing for many homeowners. Here is some important information to understand about ACV (Actual Cash Value) insurance and your roof repairs.
Call Your Roofer to Assess Your Roof Damage
Whenever your roof is damaged by a raging storm, the first person to call is your roofing contractor. You want them to assess the damage and advise if it’s worth filing a claim. Your roofer will get up the roof and carry out a thorough inspection to determine the extent of damage and issue a detailed estimate of all damages. If the damage warrants filing for a claim, your roofer will advise you to do so and guide you through the process.
Understand What Your Insurance Policy Covers
Once your roofer has completed the roof inspection, the next step is to call your insurance agent to begin the claim process. Go through the fine prints of your policy since some insurance companies put clauses into your coverage that limit certain aspects of damage to your home. Once you’ve filed a claim, your insurer will send an adjuster to assess the damage ad validate the claim. It’s advisable to have your roofing contractor on site when the insurance adjuster arrives so they can discuss the repair needs jointly.
ACV vs. Replacement Cost
Actual Cash Value (ACV) will give you the depreciated value of your roof at the time of the loss. For example, if your roof has lasted half its lifespan at the time of the claim, your insurance company may depreciate its value by half. ACV is typically the check your insurer writes upfront; most insurers issue it the same day. So, for example, if it will cost $10,000 to repair your roof and your deductible is $1,000, your insurer will depreciate it by half, putting the initial amount at $5,000 minus your deductible, leaving you with a $4,000 check. The remaining $5,000 will be set aside in a separate account.
Most homeowners get frustrated at this point, wondering how they’ll use a $4,000 check to fund a $10,000 project. Some insurance companies will clearly explain the process, but others don’t. So, here is how it goes. By working with a reputable roofer, you’ll get a detailed estimate of what it will cost to repair your roof and whether or not your insurer’s offer will settle the bill. In some instances, your roofer may work with your insurer (with your permission) to discuss the discrepancy and help you negotiate the right claim.
However, if both estimates match, your roofer will agree to do the job on the basis of the insurance paperwork without asking for the money upfront. Once the work is completed, you can issue your roofer the first check of $4,000 plus your deductible of $1,000. Since most homeowners can’t afford to pay out of pocket the balance of $5,000, some roofing contractors will allow you time to go back to your insurer to get what they call “the reimbursement.” That way, you won’t pay any money out of pocket other than your deductible.
Working with Bill West Roofing
When your home is exposed to the elements following storm damage, you can be left hopeless and confused about the whole process of filing an insurance claim. You want to replace your roof as fast as possible to restore safety and protection for your home and family. At Bill West Roofing, we understand the frustrations Lee’s Summit, MO homeowners go through during such incidents. We will use our expertise to help you when your roof needs repairs which are covered by your insurance. Contact us today for more information about AVC insurance and roofing repairs.