Roof insurance is a great way to cover the repairs after a rainstorm or a harsh winter season. Did you know how the right amount of coverage is determined before approving an insurance claim? Here’s a closer look at roof insurance estimates as explained by the top roofing contractor in the area.
Insurance estimates start by having an accurate assessment of your roof. This assessment should include as much detail as possible including the extent of the damages and expected materials and labor necessary to completely restore the roof. Photo and videos of the damage will also help with the initial assessment before the insurance adjuster makes the statement of loss.
The Statement of Loss
The insurance adjuster will be with you when creating a statement of loss which is a document and it will be given to you when it is completed. According to roofing experts, there are three important things in this document: the itemized costs of materials, the expected actual cash value (ACV) and the depreciation value (amount of cash withheld until the repairs are done).
Negotiating with the Insurer
When filing the claim, the statement of loss is sent along with the estimates from stores or contractors to the insurer. The insurer then decides whether to approve or reject your claim. If your claim is approved, your insurer will make adjustments on the depreciation column to show the ACR and you will be sent a check to cover for the new amount.
Working with Roofers
Making an insurance claim can be a tedious process, especially if you want to make sure you’re getting the right amount necessary. This is why we recommend closely working with a reputable local shingle or metal roofing company to make sure everything is properly accounted for when making a claim.
Need help with roof insurance? Give us a call. Affordable Roofing Systems is the leading roofing contractor in St. Petersburg and Tampa, FL. You can call us at (813) 542-8462 or fill out this contact form to request a quote.