Frequently Asked Questions or Questions that should be Asked:
Will my insurance rates go up if I make a claim?
Typically, for a weather related claim your rate will not be singled out for a rate increase. The rates may increase for all policy holders in the impacted area. In other words, your rate may go up whether you make a claim or not. Therefore, there is no reason not to make a claim, if you have damage.
How long after the event do I have to file a claim?
This varies but typically a homeowner has one year from the event to file a claim.
How long after approval of the claim does a homeowner have to complete the work?
Again, this varies but typically you have one year to complete the work.
What if I do not have the work completed in time frame as discussed in the question above?
You will lose the ability to claim the recoverable depreciation. See the example in the Insurance Claims Process below.
Who selects the contractor and pays the contractor?
It is the insurance adjuster’s job to assess damage. It is the homeowner’s right and responsibility to choose the roofing contractor and to pay the contractor. The insurance company will pay the homeowner.
Is it fraud to allow a contractor to cover all or part of my deductible?
Yes. There are many ways in which roofing companies offer to cover your deductible and say they are not. We have seen coupons, rebates, advertising credits, sign credits, etc. This has always been considered insurance fraud. Every insurance claim summary addresses this to the insureds directly. The only way to fully recover depreciation when a roofing company offers to pay your deductible is misrepresent to the insurance company and submit fraudulent invoices. The Colorado Senate clearly established the illegality of this when they adopted into law Senate Bill 38. It is illegal for the contractor to offer to pay or cover your deductible. If a contractor presents a clever way to avoid you paying your deductible, they are knowingly involving you in insurance fraud. In simple terms, if you do not pay your full deductible, you have committed insurance fraud.
Why is my deductible so high?
You may have signed up for your level of deductible or your insurance company may have changed it at an annual renewal. Insurance companies are changing their policies. Some insurance companies will no longer replace a roof older than 20 years. If you are approaching this point, you may want your roof inspected. It is now common for insurance companies to have the deductible as a percentage of the value of the home. For instance, the deductible may be 1% or 2% of the value of your home. For a $500,000 home the deductible would be $5000 or $10,000, respectively. Review your homeowner policy annually.