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Roof replacement using insurance question
Posted on 6/18/23 at 7:37 pm
Posted on 6/18/23 at 7:37 pm
I'm having trouble wrapping my head around how a roof replacement works through my homeowners insurance.
We suffered hail damage last week and filed a claim. Adjustor came out Friday and said he recommends a new roof. Cool.
Looked at my deductible and it is $11,900 for wind and hail damage.
How exactly do I get a new roof without paying out of pocket?
Am I an idiot or something?
We suffered hail damage last week and filed a claim. Adjustor came out Friday and said he recommends a new roof. Cool.
Looked at my deductible and it is $11,900 for wind and hail damage.
How exactly do I get a new roof without paying out of pocket?
Am I an idiot or something?
Posted on 6/18/23 at 7:40 pm to King Crab
quote:
How exactly do I get a new roof without paying out of pocket?
Steal it.
You’ll pay $11,900 or the price of the roof, whichever is less, plus any upgrades.
Posted on 6/18/23 at 7:59 pm to King Crab
The pricing is done with estimating software that both the roofers and the insurance company uses. The roofer might absorb some of the deductible, but it is illegal for them to do so in the state of Louisiana. They take the estimate to replace the roof, subtract the deductible and the depreciation and send a check for the rest
Posted on 6/18/23 at 8:12 pm to King Crab
Contact Premier South Roofing.
They can take care of it.
I had damage a few years back from a storm. The guy told me if your insurance company gives you a full replacement we will take care of it and it will not cost you a dime. He was right.
They can take care of it.
I had damage a few years back from a storm. The guy told me if your insurance company gives you a full replacement we will take care of it and it will not cost you a dime. He was right.
Posted on 6/18/23 at 9:39 pm to King Crab
quote:
How exactly do I get a new roof without paying out of pocket?
I don't see this happening in your situation.
Posted on 6/18/23 at 9:47 pm to King Crab
Don’t tell the roofer what your insurance company paid you. Offer to pay in cash for an amount less than what your insurer actually pays you. Many roofers can do the work considerably less than the amount of the estimate.
Also, if you have an RCV policy (replacement cost), the insurer pays initially based on ACV (actual cash value, meaning replacement cost less depreciation).
If you have RCV, you can submit a claim for your depreciation holdback if the roof repairs exceed the ACV amount.
Lastly, don’t sign any assignment of benefits for the roofing company.
Also, if you have an RCV policy (replacement cost), the insurer pays initially based on ACV (actual cash value, meaning replacement cost less depreciation).
If you have RCV, you can submit a claim for your depreciation holdback if the roof repairs exceed the ACV amount.
Lastly, don’t sign any assignment of benefits for the roofing company.
This post was edited on 6/18/23 at 9:48 pm
Posted on 6/18/23 at 10:29 pm to bigcatfish
quote:
bigcatfish
Thanks. Will let insurance commission know of your and premier south’s fraud
Posted on 6/19/23 at 8:38 am to King Crab
quote:
Am I an idiot or something?
yes, you're an idiot.
why do you feel entitled to not have to pay the deductible on the policy you purchased?
Posted on 6/19/23 at 8:56 am to Chad504boy
I recently had a company stop by my house offer a free roof inspection. They "found" issues and said we need a new roof. The sales lady tried to convince me I would pay nothing even through I have a $7500 deductible. She said the job would most likely be covered by the insurance payout and I wouldn't owe anything.
We are not getting our roof done by that company.
Home, auto, medical insurance doesn't kick it until after the deductible is met. Avoid any company that tells you otherwise.
We are not getting our roof done by that company.
Home, auto, medical insurance doesn't kick it until after the deductible is met. Avoid any company that tells you otherwise.
Posted on 6/19/23 at 9:23 am to bigcatfish
quote:
The guy told me if your insurance company gives you a full replacement we will take care of it and
But i assume the owner still would end up paying at least the deductible amount. If not, then that means the roofing company gave a replacement cost.... $11,900 above what it would have been.
Posted on 6/19/23 at 9:26 am to mchias1
Yes sir you are correct.
Then you have the flip customer who has their insurance company call you to handle everything for him. You get there, handle everything for the person from inspection to claim to point of contact to adjuster meeting. When adjuster is done she mentions his $5700 deductible then once she leaves he starts asking about eating a deductible. I told him it’s insurance fraud and he said he’s heard others do it before. Hands me his Baptist cards of prayer life or some BS and I leave. Once he gets the paperwork and money from insurance he decides he wants to go with someone else.
Roofers get a bad rap…rightfully so most of the time…homeowners aren’t the best either to deal with.
Then you have the flip customer who has their insurance company call you to handle everything for him. You get there, handle everything for the person from inspection to claim to point of contact to adjuster meeting. When adjuster is done she mentions his $5700 deductible then once she leaves he starts asking about eating a deductible. I told him it’s insurance fraud and he said he’s heard others do it before. Hands me his Baptist cards of prayer life or some BS and I leave. Once he gets the paperwork and money from insurance he decides he wants to go with someone else.
Roofers get a bad rap…rightfully so most of the time…homeowners aren’t the best either to deal with.
Posted on 6/19/23 at 9:27 am to Chad504boy
quote:
why do you feel entitled to not have to pay the deductible on the policy you purchased?
These are always fun topics. Receives quote for insurance, they don't like it and want to negotiate a higher deductible to lower their premiums. Get new rates with higher deductibles. Storm comes through, and the insurance company is the piece of shite for making them pay their deductible.
FYI. Not in insurance, just had some fun conversations with my dad when he had to cash out his CD he set aside for his $30k premiums while "only getting $15k from insurance" for his Ida damage.
Posted on 6/19/23 at 11:53 am to Riverside
quote:
Offer to pay in cash for an amount less than what your insurer actually pays you. Many roofers can do the work considerably less than the amount of the estimate.
quote:You aren't getting back recoverable depreciation if you paid less than the insurance estimate.
If you have RCV, you can submit a claim for your depreciation holdback if the roof repairs exceed the ACV amount.
If your adjuster estimated the roof replacement to be $20,000 and held back $4000 depreciation, but you get the roofer to do the job for $16,000 or less, you won't get any of the depreciation back. If the roofer did the job for $18,000 then you only get back $2000 of recoverable depreciation instead of the full $4000.
Depreciation hold back is a way the insurers combat homeowners submitting inflated estimates, then getting the actual work done cheaper so they can either pocket leftover cash or offset their deductible.
Posted on 6/19/23 at 1:25 pm to King Crab
Where are you located? I could talk to you about it and help you with the process. It's what I do every day. Or you can email me and we exchange numbers. I'd be a 15 minute read if I tried to explain it well.
Posted on 6/19/23 at 1:28 pm to Riverside
quote:
Don’t tell the roofer what your insurance company paid you. Offer to pay in cash for an amount less than what your insurer actually pays you
Worst advice ever. This is the best way to get the crappiest roof ever. Especially since you're only getting ACV upfront. As far as you know they could have depreciated his roof 50%.
Posted on 6/19/23 at 1:53 pm to Deactived
Don't remember. I know I looked them up on FB and they seemed new to the Baton Rouge area. They don't show up in my search history.
Posted on 6/19/23 at 2:12 pm to mchias1
quote:
Don't remember. I know I looked them up on FB and they seemed new to the Baton Rouge area.
For us it was Apex Roofing 9at least that's what the side of the truck said). Over the last week we have them stop by 2 different times. Free assessment and it won't cost us a dime. Heard that before. It seems like they are canvassing Baton Rouge now. They seem to be located in Alabama.
Posted on 6/19/23 at 2:21 pm to King Crab
quote:In my area once a roof reaches 15 years of age the deductible gets crazy high, and you're typically paying half the replacement cost yourself.
Looked at my deductible and it is $11,900 for wind and hail damage.
We've considered getting a higher-cost metal roof, since this is the second time we've been through this expense with asphalt following a hail storm.
Posted on 6/19/23 at 2:53 pm to UPGDude
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