Roof Insurance Claim Process: What to Expect When Filing for Roof Replacement & Repair in Colorado


Hi everyone, this is Randy Brothers Today, we are talking about understanding the insurance claim process

Now, as a homeowner myself I understand that filing an insurance claim can be very difficult and kind of a daunting, and overwhelming task So my objective here is to help you through that process and help you to understand that process a little bit better and make a little bit easier So the first step is understanding what type of insurance Policy you actually have Now, there are two main types of policies that you'll see most of the time and the first one is called an Actual Cash Value policy or the ACV only policy; and the second one is called a Replacement Cost Value policy or RCV policy So an actual cash value policy is less common than the replacement cash value policy

And they tend to be a lot cheaper They tend to also have reduced coverages and higher depreciation Unfortunately with an ACV policy you're also most likely, in the event of a loss, to incur a lot higher out-of-pocket expenses, and the insurance company oftentimes only issues one check and you're responsible to pay the difference on what your actual roof costs So the RCV policy, it tends to be a little more expensive They also have a full replacement coverage and a higher deductible

So What you want to be paying attention to, is getting a policy that works best for you, but it's really important that you have a policy that actually covers everything you need to cover when you do have to file an insurance claim So with the RCV policy, you also have only one out-of-pocket expense and that's just going to be your deductible Insurance covers everything else and most of the time they issue two separate payments – in order to get you full replacement coverage that you need So here is a little rundown on the actual process itself So the first and most important thing to do is to actually call and have a professional inspector come out look at your roof before you file an insurance claim or get an adjuster out

So you want a professional roof inspection done and then after that professional roof inspection is done, and they verify that you do have damage, then you're going to want to file the insurance claim and oftentimes a good quality contractor can help you through that process Once you file the insurance claim an insurance adjuster is going to be assigned to the file and they're going to call you and set up an adjustment Now, during this adjustment the adjuster is going to inspect your roof as well as the rest of your property and try to do an initial assessment And then what they're going to do is issue you your initial paperwork or your initial first estimate They're also going to give you your first check at this point

Now that first check is not for the entire roof this is only a partial payment So once you get those, it's important that if you have a mortgage company that you actually send that check off to the mortgage company to get it endorsed You don't want to have a mortgage company holding up the progress of your part of your new roofing construction project Once you've got your check endorsed and the initial paperwork from the insurance company now It's time to get the roof done

So what a good contractor is going to do at this point is order the materials and go ahead and get your roof scheduled and build your brand-new roof to the specifications that that's approved by insurance company Now, the next step in this phase is called the Insurance Supplement Process Now, this is actually similar to say, a doctor's office Now, you know you go to the doctor you have you have some work done, and then the Doctor's office is going to have a team of people that supplement or work with the insurance company to verify that all the costs are accounted for So when it comes to an insurance claim for a or a homeowner or a home insurance claim the process is similar

And you actually want to have someone that has a good quality Supplement Department that can verify it make sure one– that all the components on the roof or the project are accounted for–all the measurements are correct, and that they have everything accurate on the scope because you want to get everything covered in the event of the one loss that you have So the next step, once you get the insurance supplement process done and Everything is agreed upon by the insurance company (as well as the contractor that you chose); now you will actually receive that second check or final insurance check, and then you also received a final revised insurance estimate and scope along with that check So once you've received all those things, it comes down to the point where it's time to close So at this point you got everything, everything's verified It's important that you work with a contractor that really understands this process so they can help you through it as smoothly as possible

So once all this is complete, you close the job, and you're going to want to get your final warranty paperwork Make sure you find a contractor that that issues a good quality warranty to stand behind their work Thank you so much to take the time to listen to this video and if you want any more information or you want to find out more or get an inspection done on your property feel free to give us a call (303) 296-0361 and Check our website at elite-roofscom Thank you, and have a great day

Source: Youtube


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