1. Do insurance premiums go up after filing a claim?
No. As per law, homeowners’ insurance providers cannot raise your premiums or terminate your policy if you file a claim for some weather-related damage. This is in contrast to auto insurance where the owners are usually penalized by increasing their rates if they file a claim. However, when it comes to roofing insurance, your rates will largely depend on your geographical location and your local climate.
For instance, If your area is prone to natural disasters and extreme weather hazards, your rates will likely be more than those living in the calmer areas, regardless of whether you file a claim or not.
2. How to ensure the insurance company measured my roof accurately?
The easiest way to ensure that your roof's measurements have been recorded accurately is by opting for a professional inspection. Our experienced roofing consultants can accurately measure your rooftop for maximum insurance coverage. You can get in touch with our experts to receive a FREE estimate for your roofing inspection today.
3. What should I do if my roofing inspection detects more damage than found by the adjuster?
At times, some of the roofing damage can be missed by your insurance adjuster due to several reasons. Luckily, this can be fixed by providing your insurance provider proper evidence of the actual damage.
This is where your roofing contractor plays a vital role. They will help you get all the photos and other necessary documents in proper order for quick and easy approval. Once approved, your insurance company will provide you with the additional costs you need to fix the damage that your adjuster might have missed for some reason.
4. What do ACV and RCV mean in insurance settlement?
RCV refers to the “Replacement Cost Value” of your roofing system. It essentially represents the current installation cost of your roof i.e. the amount you need to spend if you choose to install a similar brand new roof today.
On the other hand, ACV is the “Actual Cost Value”. This is calculated by deducting the depreciation from the actual cost of the brand new roof i.e. RCV - Depreciation. For example, if your roof is 20 years old and its depreciation maybe around 70%, and your Actual Cost Value would be 70% less than the RCV of your roof.
5. How to calculate depreciation?
The age of your roof is one of the most crucial factors considered by your adjuster in calculating the depreciated value of your roof. The expected lifespan of your roofing system is taken into account when determining your ACV depending on the age of your roof. For instance, if your roof has an overall lifespan of 50 years, it will be depreciated by half at 25 years after the original installation. They also take into consideration factors like regular wear and tear and maintenance frequency while calculating depreciation for your roof.
Get In Touch With the Leading Roofing Experts
For more guidance, get in touch with our professional roofing contractors Tyler TX expert consultants today. And, if you've noticed any warning signs of roof damage after a storm, give Peak Perfection Contracting a call at 903-207-5764 to schedule a FREE consultation in Marshall, and Longview, TX. Alternatively, fill out our online form to receive a FREE estimate today.
