Roof repairs and roof replacements are often covered by homeowners insurance policies. Policies typically cover repairs caused by storm damage, wind or falling debris, not normal wear and tear. Beware of extremely low bids. See how lower bids usually cost the homeowner the same amount.
Here are some additional facts and tips about filing a claim for your roof repair:
The Estimate and Fair Market Price
- The claim paperwork you receive from your insurance company is not a final settlement. It is only an estimate for roof repairs.
- Choosing a roofing contractor that quotes less than "fair market price" can be extremely risky:
- Prices that are too good to be true can indicate: inferior materials, unlicenced roofers, bad quality work and/or no service after the sale
- The difference between your lowest bid and the "fair market price" cannot be applied toward your deductible. Your insurance company keeps the savings. In short, going with the cheapest provider possible will benefit your insurance company, not you.
The Claim Check
The first check is usually only enough for your contractor to purchase materials and begin the project. This check may be co-endorsed to your mortgage company. If it is co-endorsed, you will need to get a signature from your mortgage company and deposit the check at your bank before starting the project. If your check is not co-endorsed, you can simply deposit it at your bank. Be aware that many banks have a policy of holding insurance funds for 1-2 weeks before making the funds available.
Depreciation
Depreciation is money delayed by your insurance company and not paid unless/until you request it to complete the project. Most policies cover full replacement cost minus your deductible, but check your policy if you are unsure.
If you do not use all of the depreciation to finish your project, your insurance company will keep the difference. You do not get to subtract the unused amount from your deductible. Your insurance company may want to do an inspection before releasing the second depreciation check.
Supplemental Claims
Supplemental claims are sometimes necessary if you are in an environment with rising material and labor costs, such as after a major catastrophe. Insurance companies will often agree to issue a check beyond the original claim to help cover increasing costs.
The Deductible
The deductible is the portion of the claim that is not covered by your insurance company. The deductible for your roof may be different from the deductible for other parts of your house, so check your policy to be sure.
Kaiser can help!
While you're responsible for your deductible, Kaiser Siding and Roofing will work with you to help you take care of your home. Even if you have a large deductible, we can help you get your roof repaired.
Kaiser will walk you through the claims process step-by-step and handle all of the hard work to make sure your home gets the attention it needs.