So you think (or know) you have storm damage and need storm restoration. Either you experienced the wind or st louis hail damage hail yourself, saw something on the news, noticed your neighbors getting their roof done, or have more roofing advertisements than you have ever seen in your life!!! After a storm, you will have roofers come to your door and ask to give you a proposal for insurance proceeds… or they are leaving flyers everywhere, or putting signs in the road median or even in your yard without asking!!!
Don’t think about using a roofer without fully checking out their background, consult a st louis storm restoration professional at ICR: :
The Innovative Construction Advantage:
- Fully accredited with the BBB: www.bbb.org
- More positive 5star reviews than any other roofing contractor: (check out yp.com)
- Fully insured: check our Insurance Certificate (Attach Cert as PDF)
- Fully licensed (see list of license #s for Louisiana, Illinois, etc)
- Full bonding capabilities
- … and most importantly read below to find out why you never need to PAY UPFRONT FOR ANY REPAIRS OR REPLACMENTS before the work is complete.
And realize that if your roof isn’t leaking… it still is likely damaged and may leak soon… while the repair or replacement may not be an immediate emergency, it can become one very quickly.
First, some of the most important things to understand about hail damage st louis and the claims process:
- Hail damage may not be visible from the ground (unless you live in a neighborhood where the hail broke through the plywood decking or broke out skylights). You’ll need a professional inspection to find out if your home is damaged.
- Your insurance company should pay for everything, but there’s a time limit on the claims process. If you miss the deadline, you’re stuck with an old roof the minute time expires.
- Most homes can be reroofed in 1 to 2 days.
- Make sure you understand how you will pay your deductible before you sign with anyone. There are a few things you should know about insurance fraud.
- The paperwork you receive from your insurance company includes an estimate for roof repairs. If your check isn’t big enough to get your roof replaced, don’t worry because it is only an estimate – not a final insurance settlement.
- Insurance companies cannot cancel your policy or raise your rates for weather related claims. However, when you’re involved in a catastrophe, your insurance company may raise rates on everyone impacted in order to stay in business, or change some business practices… remember, insurance companies are businesses and need to remain profitable.
A word of caution: if you hire a roofing company that charges less than the estimate from your insurance company, you run the risk of getting stuck with cheap materials, no warranty, an inexperienced roofing crew, and a lack of service after the sale; all of which can cause considerable roofing nightmares.
And remember… the difference between your insurance company’s estimate and the cheapest bid can’t be used to help pay your deductible. Your insurance company keeps all of the savings when you go with a bid lower than their estimate; which is understandable since they’re in business to make money.
You pay a premium every year for your insurance, and you agreed to a deductible… by law it is your responsibility to pay that deductible.
The Insurance Claim Process
With most policies, there are four key terms you’ll need to learn
- Actual Cash Value: Typically The Amount Of Your First Check From Your Carrier
- Depreciation: Typically The Amount Of Your Second Check From Your Insurance Carrier
- Replacement Cash Value: Your ACV Plus Depreciation
- Deductible: The amount of your claim that you are responsible to pay
The first check from your insurance company is the actual cash value check, or ACV check. It may be co-endorsed to your mortgage company.
Many contractors will ask for this check prior to doing any work or delivering material. In most cases YOU SHOULD NEVER PAY A DIME BEFORE YOUR ROOF IS COMPLETE!!!
Lesser qualified contractors need to have this check before the work begins… that’s typically because they are not financially stable like Innovative Construction.
The second check from your insurance company is your depreciation. The depreciation is simply the difference between the ACV and the replacement cost for your roof. This check will vary in size or percentage of your claim based on the age and/or condition of your roof.
On most insurance policies (called Replacement Cost Value Policies), your insurance company will likely hold back the amount of your settlement that is not paid unless, and/or until, you need it to finish fixing your home. The depreciation check is not sent to you until after you submit your roofing contractor’s final invoice to your insurance company…and the depreciation is not paid unless, and/or until, you need it to finish fixing your home. You do not get to keep the difference from what your contractor charges you and the amount of the depreciation check. That’s why it doesn’t pay to go with the cheapest contractor… you don’t get to keep or use the difference.
Innovative Construction & Roofing are construction insurance specialists…meaning that we use the same software that many insurance providers use to cost out their claims. Most of the time ICR can do the work for insurance proceeds. Sometimes, however, to do this we work directly with your insurance adjuster to make sure that you get paid all of the insurance proceeds that you are due, so we can install a full protective roofing system: a system that you deserve from your coverage!!!
Beware; other contractors may work 100% from your insurance paperwork without even going up on the roof. These people call themselves insurance specialists too!?! A quality contractor would never do this. Your roof must be fully evaluated, inside and out. Often times the insurance adjusters “scope” of work is off by a few squares (or units of roofing 1 square = 100 sq. ft), or may be missing some key components. We don’t claim to be adjusters, but we are insurance specialists that work with you and your adjuster to make sure your insurance claim gets paid correctly!!!
Over the past few years, many insurance companies have been writing what is called an ACV policy. What’s worse, sometimes the insurance agent is not explaining how an ACV policy works, or even telling policy holders that their policy changed.
With replacement cash value policies, the first check normally has your deductible and any applicable depreciation already deducted. On these A.C.V. (actual cash value) policies, your depreciation is non-recoverable. That just means that once you get paid the first check, there won’t be any more money available to make the repairs. That means that to replace your roof, you will have to pay for the remainder of the cost yourself.
Beware, this is another place where you might get caught dealing with lower quality contractors, materials, and workmanship. In roofing, just like in all areas of life, you get what you pay for. Quality workmanship, materials, system components, and warranties ALWAYS cost more that the cheap stuff.
It is important to know what type of policy you have; It will really determine the re-roof / repair process. If you are not sure which type of policy you have, contact your insurance agent.
In a storm environment, with rising material and labor costs, it may also be necessary to request a supplemental, or a supplemental claim, in order to cover these increases in price. When a supplemental claim is paid, your insurance company will agree to issue a third check beyond the original claim to help your contractor cover the increased cost of the job. This check will be made out to the homeowner, but sometimes it will require the signature of your mortgage company too.
A few final thoughts on your insurance claim paperwork and your deductible:
If you have homeowners insurance, your roof is covered.
There are two primary types of policies: REPLACMENT COST VALUE and ACTUAL COST VALUE. Every policy has a deductible.
The deductible is the portion of your claim that is not covered by your insurance company.
You are responsible for your deductible which will be a specific amount ($500, $1000, $2000 etc.), or a percentage of your home value (usually1% 2%).
After the adjuster has been out to your home, it takes around 2 weeks to get your first check.
If your estimate for roof replacement is LESS THAN your insurance (first check = actual cost value plus second check = depreciation), you cannot keep the money.
You may be committing insurance fraud if you submit an invoice for insurance replacement work that is inflated.
We service all areas in the Midwest, but you will frequently see us performing:
Storm Restoration in St. Louis
Storm Restoration in Tulsa
Storm Restoration in Oklahoma City
Storm Restoration in Kansas City