If a storm damages your roof, you’ll need to make an insurance claim. Did you know that after these events, policyholders on the same street may not receive the same claim service from the same company? Since property insurance companies aren’t federally regulated, they are diverse in their responses to claims. P.I. Roofing has got you covered. Here are six important terms to know before you make your insurance claim.
1. Insurance Policy
The insurance policy is the contract between you and your insurance company. It tells you exactly what is covered and outlines how you will be paid for damages. It is important to read all of the policy before making a claim so you and your insurance company know what each other’s responsibilities are.
Your insurance company employs an adjuster and investigates your claim. They determine whether your claim is covered and decide whether to settle the claim with you. They may be company staff or an independent adjuster. Contrary to popular belief, adjusters are not paid more if you accept a lower estimate. The expertise and accuracy of adjusters can vary widely throughout the industry.
This is the dollar amount that you must pay before coverage. Your insurance policy outlines your deductible, which you and your insurance company have previously agreed on.
Depreciation is the decrease in value due to age, weather exposure or even wear and tear. This is determined using the manufacturer’s expected lifespan for the roofing material. Usually, depreciation begins the day your roof is installed.
5. Replacement Cost
This is the cost of replacing your roof. It is the dollar amount necessary to replace the roof without deducting for depreciation. Your insurance company determines a maximum replacement cost.
6. Actual Cash Value
The value of your roof when the damage occurred. You determine the actual cash value by subtracting the depreciation from the Replacement Cost.
Getting roof damage covered by your insurance company can be a long and arduous process. While each insurance claim is unique, we’ve worked on thousands of claims submitted, processed and paid by insurance companies. By partnering with P.I. Roofing, we can work with you to submit your insurance claim correctly to your insurance company and replace your roof quickly and accurately. So when bad weather strikes, give us a call at 501.812.5164 or go to https://piroofing.com/contact. We are ready 24/7/365 to repair the roof and help you with your insurance claim!