Homeowners’ Guide: 7 Key Facts to Know Before Filing a Roof Insurance Claim
Has a recent storm or hailstorm damaged your roof in Vero Beach, Florida? You are not alone—extreme Florida weather can take a serious toll on your home. The good news is, you can file a roof insurance claim to cover the cost of a new roof. Local Roofing Companies in Vero Beach Florida, can guide you through every step of the process. But before you start your claim, there are a few crucial things you should know—and that is exactly what we will cover in this blog.
What is a Roof Insurance Claim?
A roof insurance claim refers to the process of requesting your insurance company to pay for damages to your roof. You can file this claim in events such as storms, hail, heavy winds, falling trees, fire, or other natural disasters. To file a claim, you will need to provide the insurance company with your policy number, date of damage, type of damage, and damage proof, including photos, repair estimates, etc.
Things to Know Before Filing a Claim?
We know you want to file a roof insurance claim as soon as possible. But before that, you need to know the following 7 things.
RCV or ACV Coverage Is Necessary
You should know whether you are getting an RCV (Replacement Cost Value) or ACV (Actual Cash Value) coverage. RCV covers the entire cost of roof replacement, minus the deductible. For instance, if the replacement cost is $15,000 and the deductible is $1,000. In this situation, your insurance company covers the remaining $14,000.
On the other hand, an ACV pays the current value of your roof. Suppose the replacement cost is $20,000, and the deductible is $1,000. Your roof is 10 years old, depreciating it by $10,000. Then the insurance company will only pay you $10,000, and you will be responsible for paying the rest of the amount.
Your Deductible
A deductible in your roof insurance refers to the amount that you are obligated to pay before the insurance company covers the remaining cost. Depending on your insurance policy, the deductible amount can be fixed or a percentage of the claim. Suppose you have an RCV policy and the deductible amount is $1,000. If the roof replacement cost is $10,000, you will need to pay $1,000, and the company will pay the remaining $9,000.
Deductibles apply in almost all property loss cases, including roof insurance claims. If the cost of the claim is below the deductible, the company does not pay you anything. Depending on the policy, the deductible might be waived if the claim is higher than a certain amount. You should always choose a deductible that you can pay when buying an insurance policy.
The Insurance Policy Limit
You should know the limit of your insurance policy. Generally, the companies set different amount limits that they will pay for specific claims; in rare cases, policies also offer unlimited coverage. At the time you buy these policies, you can either raise or lower the coverage limits.
Applicable Exclusions
The insurance company can not cover every single type of loss, and this is where the exclusion term comes into play. Most insurance companies have the same set of exclusions; however, you must read the policy and try to understand what is and what is not covered by your home insurance.
Some exclusions include losses resulting from wear and tear or the homeowner’s failure to maintain their property. Old roofs are also included in exclusions. So, if your roof was damaged in a storm, you may still face challenges in claiming if the roof is aged. Additional exclusions can be intentional, fraudulent, or criminal losses; high-risk activities; failure to reasonably protect your home; and losses that exceed the insurance company’s resources.
How the Loss of Settlement Provision Works
ACV insurance policies are generally calculated at approximately 20% to 25% less than a replacement cost policy. As a result, if your roof has significantly aged and depreciated considerably, the insurance company will cover significantly less for the replacement cost.
Statute of Limitations
A statute of limitations refers to the specific period during which you can file a roof insurance claim, and this varies from state to state in the USA. Your insurance policy may provide the statute of limitations, which can be as short as one year. If the policy does not include a limitation, the claim will be subject to the statute of limitations, which can be up to 6 years in rare cases. In some jurisdictions, the statute of limitations period may override the period mentioned in the policy. So, you must thoroughly review the policy and consult with legal counsel.
Ordinance and Law Coverage
Ordinance and law coverage covers the cost to rebuild a home or significant renovations and updates to bring it up to current code following a major loss. Filing a roof insurance claim sometimes requires a full roof replacement when it is not up to the current building code. In this situation, the ordinance and law coverage ensures that your policy covers the cost to replace the roof in compliance with the most up-to-date code and laws.
Professional Roofing in Vero Beach, Florida
Do you need high-quality Sebastian roofing? you are at the right place. We are Barrier Island Roofing LLC, one of the best roofing companies in Vero Beach, Florida. With a wide range of services, including roof replacement, repairs, inspections, storm damage services, emergency services, and roof maintenance programs, we serve you and other homeowners. Contact us today to book your services.