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COMMON INSURANCE QUESTIONS

 

We answer our customer's most common questions about roofing and the claims process below.

Should I contact my insurance company after a hail storm?

No. First contact North Peak Roofing & Contracting to confirm there is sufficient and justifiable damage to file a claim.

 

Will filing an insurance claim cost me money? 

The insurance company is paying for your restoration. Your only cost is your insurance deductible if your claim is approved.

 

Will my insurance company pay enough properly complete the job?

Yes. Although oversights are common with field adjuster inspections and reports which affect cost coverage. NPRC maintains extensive claims expertise which is applied to reviewing every insurance claim to ensure every detail is accurately included and approved for replacement cost coverage.

 

Do I need to get an estimate?

No. The insurance company is paying for the repairs to your home and they set the price. Therefore, the only estimate that protects you from out-of-pocket expense and guarantees you a complete restoration is one that an insurance company has written and/or approved. All contracts with a contractor should be on an insurance proceeds basis. A contractor that is ready to give you an estimate on your insurance restoration does not understand the insurance industry.

 

Do I have to pay my deductible?

Yes. It is Colorado State law, CO Senate Bill 38. It is against the law to not pay your deductible and companies that waive the deductible could be prosecuted along with their customer. Contractor documentation of deductible payment, and/or a final invoice, is required with closing a claim.

 

What if I get an estimate for less than my insurance approved estimate?

If you get a lower contract price to complete the work, the insurance company will pay the lower amount. Any reduction in actual cost will be deducted from your final payment, with your carrier require documentation from your contractor once all work has been completed.

 

What is depreciation?

The insurance company will withhold depreciation as an incentive to get homeowners to complete the job correctly. You will be able to collect all of the depreciation held by the insurance company when the job is completed if you work from the insurance companies estimate (Scope of Work).

*A cheaper estimate does not save you money, it simply reduces the amount of depreciation that your insurance company pays you.

What is AVC? 

Actual Cash Value, also known as the market value, is the standard that insurance companies prefer when reimbursing policyholders for their losses. Actual Cash Value is equal to the replacement cost minus estimated depreciation. This is the initial payment provided by an insurance carrier.

 

What is RCV?

Replacement Cost Value is the total replacement cost to restore damage to your property with labor and materials of the same quality. RCV is the Actual Cash Value plus the Depreciated Value. This is the total amount you are entitled once the job is completed, minus your deductible; if the contracted work equals the approved RCV.

 

If the claim amount goes up during the course of the work will I owe more money? 

No. Your payment responsibility does not change. Your deductible is a flat rate that was determined when you purchased your insurance coverage policy.

*If we supplement a claim for additional materials or labor it is to ensure you receive optimal coverage, and everything is paid for.

 

What if my insurance company doesn’t pay enough to complete the work?

We are here to help! We have a professionally trained team to make sure you are paid what you deserve.

 

What if there is more damage to my property than insurance covers?

North Peak R&C will review your insurance estimate and will compare it to what is actually damaged on your property. If there are changes to be made then NPRC will engage in discussion with your insurance company in an effort to gain you additional coverage. The insurance company has the final say and will communicate changes by way of a new estimate and/or supplemental check.

 

What type of down payment do I need?

None. North Peak R&C does not require a down payment. You retain the majority of the insurance money to protect yourself as a consumer. A reputable contractor will not require a down payment and should have credit with suppliers.

Why is my mortgage company on the check?

The mortgage company has financial interest in your home so the insurance company may include them on any checks they issue you. You will need to communicate with your mortgage company to get them to endorse the check(s). Many times, they will send you a packet of information explaining their endorsement policies. In the end, the mortgage company wants to ensure that you abide to the pricing and the scope of work approved by the insurance company.  Contact North Peak R&C for assistance with this process.

At North Peak Roofing & Contracting we look at the complete picture, and our attention to detail is unsurpassed. When putting a new roof on your home you should be given options. And, oftentimes Upgrades can be Included at No Cost to the homeowner.

What is Most Important to You?

Insurance Premium Savings?

Class 4 Shingles can provide significant premium rate reductions.

Energy Efficiency?

Products like Radiant Barrier reduce Energy Bills (Heating & Cooling).

Ventilation & Aesthetics?

Removing metal box vents and installing ridge vents can increase curb appeal and ventilation (affecting the life of your roof, energy efficiency and indoor temperature extremes).

Claim Bundling?

All damages are covered under one claim; gutters, fences, decks, paint, windows, et cetera.

 

Maximizing Your Insurance Claim?

Being licensed on both sides of the business facilitates claim approval and ensures you are fully compensated for all property damages.

Premium Products & Material Selection?

We work with quality materials and all major manufacturers. All materials are not created equally and we advise based on several factors, most importantly field experience and performance observation.

Warranties?

We offer industry leading Limited Lifetime Warranties on most materials and labor.

 

One-day job completion?

Most residential roof replacements are completed in 1-2 days.

 

No Deposit Required?

No payments are required prior to job completion on most Insurance Claims.

North Peak R&C

We are not in the business of simply replacing your roof, and we do not rush homeowners into signing a contract.

 

We offer Free, Honest Inspections.

We'd like the opportunity to earn your business by showing you what we have to offer.

If you have met with another Roofing Company, a Contractor and/or your Insurance Adjuster, See What We Can Offer You with Your Claim.

IMPORTANT ROOF REPLACEMENT INFORMATION