Homeowners insurance can be confusing. Review your policy declarations page annually. Make sure your homeowners policy covers for hail damage roof claim.
This is the portion of a covered loss that the insured must pay. Under most circumstances, the insurance company subtracts the deductible before the claim is paid. Deductible amounts can vary considerably and it affects the insurance premium paid for the policy. Some insurance companies are moving towards a percentage deductible, review your declarations page to make sure there are no surprises if you do have to file a homeowners insurance claim.
ACV vs. RCV
Parts of your home, such as the roof, loses value over time due to factors such as age and wear and tear. This loss in value is known as depreciation. Under most insurance policies, claim reimbursement begins with an initial payment for the Actual Cash Value (ACV) of the damage, or the value of the damage at the time of loss.
If you have Replacement Cost Value (RCV) coverage included in your policy, you may be able to receive additional money to cover the depreciation, therefore covering total roof replacement less your deductible payment.
Homeowners unknowingly opt for an ACV policy enticed by lower premium prices.
Code coverage is another home insurance coverage option that is sometimes overlooked. This covers the additional costs to repair damage in order to meet the current building codes. If your policy doesn’t have this endorsement, you will be responsible for the additional costs.
HAIL SEASON IS HERE. ARE YOU COVERED?
Insurance claims for roofs can be cumbersome to navigate. Homeowners filing claims are often confused by the forms, inspections, and dealing with insurance adjusters. Having an experienced roofing contractor on your side who can document everything will be very beneficial. An experienced roofing contractor can help with investigating if your homeowners policy covers for hail damage roof claim.
Connect with your insurance agent annually to review policy details and discuss coverage options or possible coverage gaps. Additionally, make sure you are taking advantage of every discount opportunity available to you.