Exterior Insurance, Insurance Projects, Roofing Projects

Expert Answers to Common Exterior Insurance Claim Questions | New Beginnings Construction

May 22, 2024

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Hello and welcome to our learning library, where New Beginnings Construction will provide answers to frequently asked questions about our exterior insurance renovation and remodeling projects.

Question 1: What would qualify me for an insurance claim?

Insurance claims for things like roof damage typically depend on several factors, including the cause of the damage, the type of insurance policy you have, and the extent of the damage. Damage we most commonly see for exterior insurance claims is from wind, hail or other natural causes.

Question 2: How does the insurance process work?

After filing a claim, the insurance company will send out a field adjuster, whose job is to gather evidence of damage. They submit it to the desk adjuster, who determines the scope of damage and decides if the damages qualify for an insurance claim. Working as your advocate, we work with you and your insurance company to get the best outcome for you.

Question 3: What happens if insurance does not want to handle my claim?

We specialize in ensuring that your insurance carrier pays out on a valid claim. Our team verifies that the insurance company complies with all codes, regulations, and requirements related to manufacturing and installation. By presenting a strong case backed by our decades of industry experience, we are able to get most claims approved and paid out.

Question 4: Why is my insurance company asking for three quotes?

It is important to note that although some insurance companies may suggest comparing line items and pricing to choose the lowest bidder, this approach may not always yield the best results for homeowners. As a homeowner, you have the full right to choose the contractor of your choice and should exercise this right to ensure that you select the best contractor for the job.

Question 5: Why should I hire a contractor to restore my property after a loss?

When you hire a licensed contractor, they are obligated by law to complete all work according to the building code and to manufacture specifications. This helps protect your property by ensuring that any repairs done to your property are done correctly and come with a warranty. The peace of mind that comes with knowing it was done properly ultimately protects what is, for most of us, our most valuable asset.

Question 6: How long does a claim take to settle?

The timeframe for claims can vary depending on numerous factors, but typically it takes anywhere 2-4 months to complete. This duration depends on the type of claim you have and the speed of your carrier. Roof claims usually take 8-12 weeks, while a whole house fire can take 6 months to a year to resolve. We always provide your carrier with all the necessary information, as well as completing our estimates using the same software as the carrier – to speak a common language, if you will. This helps make their job easier and speed up the claims process for you.

Question 7: What is a deductible and who do I pay that to?

A deductible is the amount that the policyholder must pay towards a claim. According to the law, the homeowner is responsible for paying their own deductible, and the insurance company covers the rest of the claim amount. This is typically seen as the amount that the policyholder has to pay out of their own pocket for the work that is done.

Question 8: What is the difference between ACV, RCV and depreciation?

RCV stands for Replacement Cost Value. That is the total value of the claim. ACV stands for actual cash value, that is the amount the insurance company pays out in the INITIAL portion of the claim. It is figured by deducting the homeowner’s depreciation (the amount removed due to age of the roof). The depreciation is paid to the homeowner after completion of the scope of repairs associated with the claim.

ACV is the amount that the insurance company feels like the product and or item is worth with depreciation taken out. Depreciation is recoverable if you have a replacement cost policy. The RCV policy brings you whole by replacing the item at its full replacement cost value.

Question 9: What happens if we find hidden damage or the scope of work changes?

We always strive to provide the best service possible by utilizing our national claims training. However, sometimes certain damage cannot be accurately assessed without removing other items first. In such cases, we carefully document and photograph any damage found during production and report our findings to you and your insurance provider. We also submit a “supplemental estimate” to your insurance provider for their approval. Following this process, we immediately address and fix the damage found.

Question 10: Can I make changes to the exterior of my home during an insurance restoration project?

Insurance will cover the cost of bringing your home back to its original condition before the loss. However, any additional upgrades or changes will need to be paid for out of pocket. It is important to keep in mind that every situation is unique, and you should discuss this matter with your contractor. It is best to present your list of desired upgrades as soon as possible to avoid any confusion or delays.

And that wraps up our Q&A session! We hope this info has been informative and helpful.