It is always recommended for any homeowners to have a sound insurance policy. When your house suffers from severe damage, you’ll never know how much the repair will cost. There will always be external factors to consider. Unpredictable snowstorms, typhoons, and hurricanes can cause a major havoc to your roof. This may also result in a roof restoration or repair, which can be expensive if it is not covered in you insurance.
An insurance policy can protect you so that you do not have to shoulder 100% of the expense. However, there is a lot to learn about insurance policies for your building and you should not get one until you have done your research. Here are some common roof insurance questions and answers that can help you understand insurance policies better.
1. What is the coverage of roof insurance?
Coverage of roof insurance is categorized into two things; actual cash value (ACV) or full replacement cost value (RCV). The only difference between the two is ACV will pay to repair or replace your roof factoring in the deductibles and depreciation depending on the condition of your roof. On the other hand, RCV will cover the full cost without considering depreciation provided you meet your deductibles.
2. What are deductibles?
Deductibles are the expenses that insured owners or individuals must pay out of their own pockets in addition to what the insurance company will shoulder. The amount of the deductibles will depend primarily on you as long as you have discussed this with your insurance agent when you set up a policy. Deductibles are mean to cover minor repairs or inspections so that there is no need to file a claim. The higher the deductible, the lower the premium and vice versa.
3. How much does it cost?
Rates typically vary for each state or region. The price can range from $800 to $15,000 and can be paid monthly, quarterly, or yearly. The cost can also fluctuate over time depending on several factors such as materials used, number of layers, location, roof size, the pitch of the roof, and so on. You may ask for an estimate from a roofing contractor or discuss with your insurance agents. They can walk you through on how you can get the optimal cost for roof insurance.
4. What constitutes a damage?
Ideally, homeowners should observe proper maintenance of their roofs. Any signs of damage should be checked immediately to prevent any permanent destruction to the entire house. However, there are cases when roofs experience damage from natural causes and even accidents. Essentially, roof damages cover from cracks and leaks to tenting, blistering, and destroyed shingles. The severity of the damage must be inspected by a professional roof contractor before you can file an insurance claim. As in the case of State Farm roof replacement policy, it is critical that the root of the damage must be fixed first before it affects other parts of the roof.
5. How to file a roof insurance claim?
Filing a roof insurance claim does not take a lot of time. As soon as you notice any damage, call a licensed roofing contractor immediately so they can inspect and assess the damage. As for you, you can take photos for documentation purposes. Do not attempt to fix the damage by yourself especially if you are not sure of what you are doing. When you have an idea of how much the roof repair or replacement will cost, call your insurance company and find out about your coverage. Depending on what you have agreed upon, there should be no reason why an insurance claim should take more than a few days.
Article Submitted By Community Writer