Green roof How insurance works


If you think your home or business was damaged in a recent storm, the first step is to get a free inspection by a trusted local contractor to verify the damage. The reason you want to check the damage before filing a claim is that if you don’t have any damage, it will be recorded with your insurance company. If you file multiple claims over a short period of time, you run the risk of being withdrawn by your insurance company. If only minor damage is found during this inspection that does not pose an immediate threat to your home, it is best to wait to file a claim until the next storm. If enough damage is found to your roof, then you will call your insurance provider, who will ask you a series of questions to start the claim process. Make sure you have the date of the loss handy (the day the storm damaged your roof). If you inform them of a non-storm date, your claim may be denied on a technicality. They will send an insurance adjuster to validate and value the property that was lost during the storm. You have the right to invite the inspection contractor to join this appointment to ensure that the adjuster does not miss any major damage. In most cases, about a week after the adjuster’s inspection, you will receive a list of the damages that the insurance company has agreed to pay, along with your first check. This is the ACV (Actual Cost Value) check. This represents the fair market value of your roof today. Like a car, a 10-year roof is worth less than a new roof, and the difference between those 2 amounts is called depreciation. ACV is the cost to repair or replace damaged property, less depreciation. The ACV plus depreciation (to be paid to you later, AFTER the work has been done), equals the RCV (Replacement Cost Value). Most storm damage contractors will agree to perform the work for the amount of RCV paid by insurance, whatever that amount is. Therefore, your only out-of-pocket expense will be your deductible. So, for example, let’s say you have a 10-year ceiling and the actual cash value of that ceiling is $ 8,000. Let’s also assume that it will cost you $ 15,000 to replace your roof with a new roof of the same type and quality (that would be the replacement cost value or RCV). The $ 7,000 difference represents depreciation. The age and condition of the property are taken into account when calculating this depreciation. The older the roof, the higher the depreciation. The insurance company will issue you a check immediately for $ 8,000 (ACV). If you choose to have your roof replaced, once the work is completed, your contractor will send a certificate of completion to the insurance company for the work that was done. At that time, your insurance company will release your depreciation payment. Upon receipt, you will need to sign that check with the contractor or deposit it into your account and issue a personal check to the contractor for the remaining balance of the job. Note that upon completion of the work, the insurance company will issue a check for recoverable depreciation only if the total expenses are equal to or greater than the total settlement. Many people never receive the final depreciation payment because they do not understand the process or because the contractor they chose did not understand the proper procedures. When this happens, you can lose thousands of dollars. What happens if the amount in the scope of my insurance is not enough to do the job? This is where the insurance add-on comes in, and where it pays to have a contractor who is very familiar with Louisiana’s insurance laws and procedures. It is common for an insurance adjuster to skip items that are required by local code, such as the ice and water shield or the drip edge. In other cases, additional damage (such as rotten pallets) may not be discovered until work begins. In certain cases, the amount provided by the insurance is not enough to buy the roof and have it installed correctly. In all of these cases, we work directly with your insurance company to get additional funds (supplements) released so your home can be fully restored to pre-storm condition. How does my insurance company pay for supplements? If the insurance company accepts a supplement, they will issue you a new scope that includes these increased amounts. These supplemental amounts will be due and payable to your contractor upon receipt. Remember that supplements are additional money that the insurance company has agreed to pay your contractor for work performed. This is not money that you have the right to keep and it can lead to insurance fraud problems, that is, to cover, waive or refund your deductible. At Eco Roof and Solar, we are experts in insurance claims. We even have independent adjusters and HAAG certified employees on staff.

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Viralrook: Green roof How insurance works
Green roof How insurance works
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