Hail Damage Insurance Specialist
NOT SURE IF YOU HAVE HAIL DAMAGE?
Colorado is known for its high winds and intense hail storms that are more than capable of causing serious damage to rooftops and the exterior of homes. Most hail damage is often overlooked by the untrained eye and needs to be professionally examined. If hail is driven by high winds or lasts longer than a few minutes, then there may be a good chance that your roof has been severely damaged. How? First, the hail causes your roof’s shingles to suffer the loss of the protective granule layer that is designed to defend the shingles from the sun’s intense and damaging rays. Then, the holes made by the hail eventually turn into pesky, unwanted leaks, over time eroding into larger ones that are bound to cause future structural problems to your home.
So, if there is even the slightest possibility that your roof has sustained damage, please call Bold Brothers Roofing ASAP. It is your legal right to have a professional represent you during an inspection and we strongly encourage that you do not depend on an insurance adjusters bid alone. The experts at Bold Brothers Roofing will provide you with a free inspection and further point out any and all hail damage to your roof. Whether you have concerns or are just unsure, we will make sure to eliminate any of your worries before our inspection comes to an end. After the inspection, you have no further obligation to proceed working with us. If we do not find any damage to your roof and provide you with the peace of mind we came to deliver, then our job is done.
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 like auto insurance and 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 effected areas of your home for visible signs of storm damage. For the roof, he/she will measure out a “test square” (10’ x 10’) on different slopes of your roof, and 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 additional money that will be paid if damages are found.
HOW YOU GET PAID ON CLAIMS
In most cases, it takes anywhere from one to seven days after the insurance adjuster has finished the inspection. The insurance company will then provide you with a Loss Statement that will break down the damages and give you a good idea of how much the insurance company would be willing to pay for those damages. They then formulate sums based on the age of the damaged items and calculate how much money you will receive before replacement or repair work begins. After you receive the Loss Statement, generally seven to ten days after the adjuster meeting, you will receive your first check. 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%. So, the first check that will be sent out would be 50% of the cost to replace your roof. The second check is called the Depreciation check. (DEPRECIATION is defined as a reduction in the value of an asset with the passage of time, due in particular to 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. It is VERY IMPORTANT that you let the insurance company know that the work is complete in order to receive the second check. In a lot of cases, homeowners do not get the depreciation check back because they do not understand the process and/or the contractor they chose did not understand or adhere by 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 falls 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.
Q and A
DO YOU NEED TO GET MORE THAN ONE ESTIMATE FOR YOUR ROOF?
The answer to this question is NO. Your insurance company has a well-defined price list they will use. Your Insurance will only pay the actual costs for repairs that are in accordance to their price list (regardless of what bids you might get). If something was missed on the Loss Statement, we will work directly with your insurance company to assure you are given the proper supplementation with new and corrected prices.
Now, take a step back and ask yourself this, what reward will the insurance company provide you with for finding the lowest price for them? Then ask yourself if your insurance company will lower the price of your premium? The answer to both these questions is NO. Your insurance company will pay the contractor “fair market price”. Shopping for the cheapest price is only saving the insurance company money and costing you and your home the quality treatment it deserves.
DO NOT LOOK FOR THE CHEAP BID, ALL YOU HAVE TO PAY IS THE DEDUCTIBLE AMOUNT!
Your insurance company is responsible for the rest. Going with a cheaper bid does not lower your deductible. The best way to get a good ROI (return on investment) is to get a good reliable contractor that is going to instill the best materials and do the job right the first time. In the long run, going with the cheapest price can end up costing you more time and more money. A roof is not something that you want to have to install twice. Get the best roof possible and put some equity into your house!
WHO SOULD YOU HIRE TO DO YOUR ROOF?
This is one of the biggest questions you will face during this process and our best advice for you is this… Find a contractor who has a good reputation and is trustworthy, but most of all, someone you feel comfortable with. You should never be placed into a predicament in which you feel forced or rushed to make a decision. Look for a contractor that does not require money up front and is licensed as well as insured. Also, keep in mind that with large hail storms come out of state contractors that lack knowledge of the area and local building codes. It is very important that you hire the right people to install the best products and assure yourself that the weather stays outside where it belongs. Hiring Bold Brothers Roofing will insure the best quality of work for you and your insurance company. We have the experience and “know how” background needed to work on your behalf.
STEP BY STEP PROCESS TO AN INSURANCE CLAIM
Step 1) Get your roof inspected by a local roofer with a good reputation.
A lot of homeowners call the insurance company before calling a roofer. However, if there wasn’t a recent hail storm in the area and you do not have any damage, some insurance companies will hold it against you and may even raise your premiums. The best way to start your roofing process is to contact a Bold Brothers Roofing expert that will let you know the best way to move forward. We offer a no-obligation, free roof inspection and provide you with a detailed inspection report.
Step 2) If you have damage… Call your insurance company to make the claim.
Most of the time, your insurance company will ask if you have had your roof inspected and if you have selected a roofing contractor. With our inspection report that we provide, you can submit the report to your insurance company with assurance and start the process.
Step 3) Set up a time to have your insurance adjuster and your Bold Brothers representative look over your roof together.
As the saying goes, “two sets of eyes is always better than one”. When Bold Brothers Roofing and your insurance agent work together on the project, it allows everyone to save time and get the rebuilding process completed faster.
Step 4) Pick a good date to install the Roof.
After the details are worked out with your insurance company, we will give you a call and/or email you to let you know when your roofing materials will be delivered. We will then proceed to provide you with a start date (weather depending). Most of the time, a normal roof replacement may take 1-2 days to complete.
Step 5) CHECK THE COST!!! The ONLY cost to you may just be the cost of your deductible.
Following the completion of the roof, we will send out an invoice that will state that the work has been completed. When you receive the invoice, we ask that you pay us the amount of your first check (actual cash value check) plus the amount of your deductible.
At this point, we will send an invoice in to your insurance company letting them know that we have completed the agreed upon work and will ask them to release the depreciation check. The check will then be sent to you and should arrive within 1-2 weeks. Once your second check arrives, we send you the final invoice with the remaining balance. Keep in mind that there may be some occasions in which the mortgage company has to endorse the check.
*Financial Example of Roof claim on a roof that has a 30 year life expectancy and was totaled out by hail when it was 15 years old:
- Insurance Determines cost of roof replacement
- Insurance sends out ACV check to homeowner (1st check)
- New Roof is installed
- Homeowner may or may not receive a deductible.
- Insurance sends out deprecation check (2nd check)
- The insurance company pays for the new roof and the homeowner becomes responsible for paying the deductible.
INSURANCE CLAIM COMPANIES AND PHONE NUMBERS
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File a Claim Online