Huntsville Roofing Insurance Claims
Learn How Your Insurance Payments Work
Do you intend to pay for your new roof with insurance payments? At Camko Roofing, we often speak to new customers interested in maximizing the value of their claims but are unsure on how it works. Between your deductible and recoverable depreciation, the numbers might be a bit confusing. We compiled this page of relevant information in order to help you make sense of the math so that you can make the most informed decision possible on your Huntsville roofing project.
Here is an example scenario to review the numbers a bit:
- Your insurance adjuster informs you that the cost of your replacement should be $10,000.
- The roof on your home is 10 years old and has “depreciated” (lost value) by 30%.
- The deductible on your homeowners’ insurance policy is $1,000.
- The full cost of your roofing project happens to be exactly $10,000 (for simplicity’s sake!).
- Because of the 30% depreciation, there is a “recoverable depreciation” of $3,000.
- The first check from your insurance company will amount to $6,000: The original $10,000 less your $1,000 deductible as well as the $3,000 recoverable depreciation.
Our knowledgeable staff can help you decide on whether or not it is wise to file a claim for your roofing system. If you do file a claim, however, we can also handle the entire process for you. From providing a detailed inspection of your roof to meeting with the adjustor and negotiating with the insurer for fair replacement or repair value, we can help.
Want to know more about how your insurance claim works? Call our roofing experts at (256) 567-5016.
Choosing the Most Qualified Roofing Company
It is important to understand some of these values because some contractors “waiving” your deductible can end up losing you value. Once your roof has been installed by a licensed contractor, the insurance company will send a second check releasing the value of your recoverable depreciation to you. In the case above, that’s $3,000. However, if you hire a contractor in this scenario who only invoices you for $7,000 then you will not receive any further funds from the insurance company. Ultimately, with a qualified Huntsville roofing company, your roof should only cost you your deductible.
Camko Roofing also has financing options available for your Huntsville roofing system through our trustworthy lenders. Even if you file an insurance claim, you get to keep the check from your insurance company. Use the money to take a vacation, pay off debts or credit cards, or use it for another home improvement project. Let us help you save!
Ready to discuss the details your next roofing project? Call us today at (256) 567-5016.