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"How much will this cost me?"
All homeowners insurance policies have a "deductible
amount", which the insuance company takes out of the amount they pay you to have the work completed. This amount
is stated in your policy. For the same type of roof you have on your building now, you would never be required to pay
more than your stated deductible. In many cases however, we can provide a better roof than you have now, without
it costing you your entire deductible amount. Call us for an explanation of our substantial discount programs.
"Will my insurance company raise my rates because of
this claim?"
Storm related property damage is considered
a "not at fault" claim. You cannot be singled out for a rate increase because your property was in the
path of a severe storm. This is much different from a claim resulting from you running your car through the garage
door, or you setting your kitchen on fire. That type of claim will generally result in a rate increase at policy renewal
time. The State Insurance Commissioner can approve a rate increase for all homeowner policies statewide as a
result of the losses, however this rarely happens after a hailstorm.
"Will my insurance company try to put on a cheap roof?"
An important provision in your homeowner policy is "like and kind" replacement. Any damage caused
by a covered peril (hail, wind, etc.) must be replaced with material and workmanship which is comparable to the existing structure. This
means your insurance company cannot downgrade the roof on your home, but also means that they will not pay for any upgrades.
Your homeowner policy is intended to return your property to the condition it was in before the storm. Many times a
new roof will result in your property being in better condition than it was in before the storm.
"What is Depreciation, and how does it work on an insurance claim?"
Depreciation is the dollar amount the insurance company holds back from the initial
payment, based on the percentage of use you have benefited from, on the item being paid for. If you have replacement
cost coverage, as required by mortgage companies, your depreciated amount will be recoverable from the insurance company once
the job is contracted or completed. In the final analysis, your insurance company will pay for the job in full, less
your deductible. The depreciation is recoverable within a certain time period, generally 365 days.
"How do I pay for the job?"
Normally, you will be paid by the insurance company in two payments. You will only be asked for payment in
the amount you have received from your insurance company. Any remaining balance, recoverable depreciation or co-payment,
is paid when we invoice the insurance company and you receive your final payment. You will not be required to pay us
until you have been paid by your insurance company. We make every effort to keep your out of pocket expense to
a minimum, without compromising the quality of the roof.
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