A: Once a claim has been filed with your insurance company they will assign a field adjuster to inspect your property for damages. Let your project manager know when the adjuster appointment is schedule and they will do their best to be there. Once an adjuster reviews the damages they will put together a scope of work or insurance’s estimate. Roof Source will review this estimate and send in any necessary supplements for missed damages or code upgrades. Insurance will provide you with an additional payment for the depreciated value of the roof, this is called the actual cash value or ACV. Once Roof Source completes the work and sends in a final invoice, insurance will release any applicable depreciation to you.
A: Depreciation is what is held by the insurance company until the work is completed. The depreciation figure is based on how old the item is. For example, if you roof is $20,000 brand new and there is 50% life expectancy left, the insurance company would pay you 50% of the new price ($10,000) and hold back the other 50% ($10,000). Insurance will only release the depreciation if a full invoice is received from the contractor. Depending on the policy, the depreciation can be recovered once the work is completed and documentation is sent in. It is important to check with your insurance agent to understand if you have an ACV policy or a full replacement cost policy.
A: No, you are not required to submit multiple bids to insurance nor go with the lowest bid. All roofing contractors will perform the work for the agreed upon amount set by in the Statement of Loss. Insurance companies and contractors use software such as Xactimate, which determines the price based on the material and labor rate for the zip code. If you get a quote for less than the statement of loss, insurance will only release enough depreciation to cover that quote. They will only pay what is billed.
A: The insurance company sets the pricing in their statement of loss and the contractor will negotiate coverage, code upgrades, etc. If we give you a bid for less than what insurance is paying, they will only pay you that amount. The contractor is the only one that gets hurt.
A: There are many upgrades that are available to you if you go with Roof Source. The most common upgrades are Class IV shingles, ventilation upgrades (intake and exhaust), and code upgrades such as ice and water barrier. Feel free to chat with your Project Manager about your claim and what options may be available to you.
A: It is important to confirm with your insurance agent however most policies will allow you to file a claim 1 year from the date of loss.
A: No, per Colorado Senate Bill 38 (C.R.S 6-22-101 to 6-22-105). Your deductible is the only contractual obligation you have with your insurance company.
