Hail Damage Insurance Process

NOT SURE IF YOU HAVE HAIL DAMAGE?
Colorado is known for its high winds and intense hailstorms that are more than capable of causing severe damage to rooftops and the exterior of homes. Most hail damage is often overlooked by the untrained eye and needs to be professionally examined. Hail that is driven by high winds or lasts longer than a few minutes can cause severe damage to your home. How? First, the hail causes your shingles to suffer the loss of the protective granule layer that is designed to defend them from the sun’s intense and damaging rays. Then, the punctures made by the hail eventually turn into, pesky, unwanted leaks eroding over time into larger ones. They potentially can cause future problems to your home.

If there is even the slightest possibility that your roof has sustained damage, please call Bold Brothers Roofing ASAP. It is your right to have a professional represent you during an inspection. We strongly encourage that you do not depend on insurance adjusters bid alone. The experts at Bold Brothers Roofing will provide you with a free inspection and further point out any or all hail damage to your roof. Whether you have big or small concerns, we will make sure to eliminate your worries during our inspection. If we do not find any damage to your roof, we hope that our knowledge and expertise have earned your future business.

WILL YOUR INSURANCE RATES GO UP AFTER A ROOFING CLAIM?
If there was a recent storm in your area, then the answer is NO. Homeowners insurance does not work the same as auto insurance. You will not be punished for filing a storm damage claim because it is considered an uncontrollable and natural event. Increased rates are based on zip codes that go through statistically higher levels of storm damage. If you reside in an area that has sustained a considerable amount of storm damage, your rates may increase whether you file for a claim or not.

Questions to ask yourself:
Do you know what your insurance should pay for your damage?
Are you sure the insurance adjuster offered/paid ‘Fair Market Value’ for your area?
Are you aware of the local codes that pertain to roof replacement?
Did the insurance adjuster pay enough for everything to bring your home up to new codes?
Are you positive the insurance adjuster did not miss anything?

THE ADJUSTER MEETING/INSURANCE INSPECTION
Most insurance providers will schedule appointments from Monday through Saturday from 8 am to 6 pm. With this appointment, the insurance adjuster will look at your property. They will inspect your roof and examine other affected areas of your home for visible signs of storm damage. He/she will measure out a “test square” (10’ x 10’) on different slopes of your roof. If he/she can find the necessary amount of bruises or breaks for each individual square, the insurance company will pay for a new roof. There are also additional roof components that will be inspected and extra money that will be paid if damages are found.

HOW YOU GET PAID ON CLAIMS
In most cases, the first check is paid within seven to ten days after the insurance adjuster has finished the inspection. The insurance company will then provide you a Loss Statement, this statement breaks down the damages and gives you a good idea of how much the insurance company will be paying based of off the adjuster’s initial inspection. This check is often referred to as the ACV (Actual Cash Value) check.

The ACV check should represent the actual cash value of the damaged item at its current age. For example, if you had a roof with a 30-year lifespan and your roof is 15 years old when it sustains the damage, the actual cost value of that roof would be depreciated by 50%. The first check you will receive for 50% of the cost to replace your roof. The second check is called the Depreciation check. (DEPRECIATION is defined as reduction in value of an asset over time, due to particular wear and tear.) After the replacement or repair work is completed and the roof is now back to new, the insurance company will issue a second check for the (RECOVERABLE DEPRECIATION AMOUNT MINUS THE DEDUCTIBLE AMOUNT). Most insurance companies have a 180-day limitation on collecting the recoverable depreciation check. In a lot of cases, homeowners do not receive the depreciation check because they do not understand the process and/or the contractor did not understand or adhere to the proper procedures.

WATCH OUT FOR ROOFING COMPANIES THAT ADVERTISE NO DEDUCTIBLE!
Due to the amount of recent storm damage claims, ‘shady’ roofing companies, and dishonest contractors, insurance companies are now auditing some insurance claims and the distribution of funds. COLORADO SENATE BILL 12-038 SECTION 1 ARTICLE 22 states that “THE ROOFING CONTRACTOR CANNOT PAY, WAIVE, REBATE, OR PROMISE TO PAY, WAIVE, OR REBATE ALL OR PART OF ANY INSURANCE DEDUCTIBLE APPLICABLE TO THE INSURANCE CLAIM FOR PAYMENT FOR ROOFING WORK ON THE COVERED RESIDENTIAL PROPERTY.” In other words, you cannot profit in any way from your insurance claim. Every Loss Statement comes with a lawful disclaimer that will inform the homeowner about insurance fraud. Paying or waving a deductible fall within the grounds of insurance fraud. If you cannot afford to pay your deductible right away, we provide our clients with the opportunity of an in-house payment plan. Feel free to ask your Project Manager for more details.

According to COLORADO SENATE BILL 12-038 SECTION 1 ARTICLE 22, you are not allowed to profit from a loss. Insurance fraud is a Class 3 felony that is punishable by up to 10 years in prison and can be followed by extensive fines.