The first step is understanding your coverage. Here’s what you need to know about filing a claim in Colorado…
After a hailstorm, the last thing you probably want to think about next is filing an insurance claim. It can be a headache working with your insurer to get your home repaired, but it’s a necessary evil…
If you don’t follow up with your insurer ASAP, any damage your home sustained will only get more expensive to fix.
Of course, that’s especially true for your roof—it’ll take a beating during a hailstorm.
Ignoring damage to your roof could cost you, even if it seems minor. But unless you plan on paying for your repairs out of pocket, you’ll probably want to file an insurance claim.
When it comes to insurance, that tends to be easier said than done. So, if you’re not sure where to start or how to approach your hail damage claim process, keep reading! We’ll explain everything you need to know about filing a claim and getting your home repaired, from start to finish.
What Will My Insurer Cover?
If you’ve lived in Colorado for a while, you’re probably used to a heavy summer hail season.
What you might not know is that Colorado falls into a region of the U.S. that’s known as “Hail Alley.” According to the National Insurance Crime Bureau, 380,066 Coloradoans filed hail damage claims from 2017 – 2019.
That’s bad news for your home’s roof!
Still, there’s no avoiding hailstorms…
And that’s the good news about filing an insurance claim for hail damage. Because hail and wind damage is entirely out of your control, you typically won’t have to jump through too many hoops.
So, your insurer will typically cover any damage to your roof that compromises it structurally. Unfortunately, any damage that’s purely cosmetic will be up to you and your wallet.
The Problem with “Hail Alley”
Because hailstorms are so common in Colorado, hail damage insurance coverage can get complicated.
From the start, it’s important to know your home insurance policy. If you’re not sure how much coverage you have for wind and hail damage, it could cost you…
That’s the problem with hail alley—more hail claims in our state generally mean less coverage for homeowners. So, look out for restrictions and limits to your insurance coverage.
Your Coverage: ACV or Replacement Cost?
One of the most important factors in your home insurance policy is how your roof repair is covered. Like we said, it’s vital to understand your insurance coverage before you need it.
Your roof is probably covered by actual cash value (ACV) or by the replacement cost. Here’s how they work…
Actual Cash Value
ACV means your roof replacement will be covered based on the value of it in its current state.
So, depreciation is a major factor in this case.
Say for example your roof replacement will cost $15,000. If your roof was supposed to last 25 years but only lasted 12.5, your roof has lost around 50% of its value.
That means you’d receive $7,500 in this scenario. That’s not including additional depreciation—depending on your plan, your insurance provider may factor in the state of the roof, leaving you with an even smaller payout.
Not an ideal situation when you need a new roof, right?
Well, that’s what makes choosing the right insurance plan so important.
ACV might be a good option if you have an older or previously damaged roof, especially because the monthly payments are typically lower. And if you’ve got a brand new roof it’s worth considering the more expensive alternative…
Replacement cost is fairly simple.
Your insurer will pay the cost of your roof replacement, minus your deductible.
Your deductible is the amount you’ll need to pay before your insurance will cover the costs. Generally, home deductibles cost anywhere from $500 – $10,000.
Keep in mind that a lower deductible generally means higher monthly payments. And if you do choose a higher deductible, you’ll need to make sure you have enough to cover it at a moment’s notice.
So, the benefit of replacement cost insurance coverage is that you won’t have to worry about depreciation (though your monthly payments will be higher). But there are some other steps in the claims process you’ll need to pay attention to…
Don’t Wait to File!
If you’re like most people, you probably dread calling your insurance company.
It takes a lot of patience. But it’ll be worth your time and effort.
Because most insurance companies have limits ranging from 30 days to 1 year (1 year is less common) on filing claims for roof damage, you’ll need to be timely.
You can start by taking pictures of any damage you can safely reach. These photos will be vital later in your claims process.
And after you’re done documenting the damage?
Call For a FREE Estimate
Give APEX Roofing & Restoration a call! We’ll start by discussing the damage to your roof and your insurance coverage.
And it only gets better…
APEX provides comprehensive roof repair services you can count on from start to finish. That’s why we’ve been serving Colorado’s homeowners for over 50 years!
So, after you file your claim, we’ll schedule a time to perform a FREE, comprehensive roof inspection!
After we determine the exact service your roof needs, we’ll work with you and your insurer to get you the best possible coverage for your repair or replacement.
That’s what we mean by service from start to finish!
We believe you shouldn’t have to go through the insurance claims process alone. With a damaged roof, you’ve got enough to worry about.
So, let us assist you from estimates and inspections, to insurance claims, repairs, and replacements!
With APEX Restoration & Roofing, you can be sure your home’s roof is in good hands. So, like we said, don’t wait to file a claim…
And don’t wait to give us a call! Visit our homepage to learn more about our services and our story, or CALL NOW for a free consultation with a roofing expert.