23 Feb Insurance Claims: Roofing After Natural Disasters
Natural disasters happen all the time. Whether it be tornadoes, hail storms, or freezing rain these disasters can wreak havoc on your roof through things like thermal shock, straight up hail damage, or shingles being blown off. Thankfully, the vast majority of homes come with insurance for these kind of disasters.
Roofing is often seen as a feast or famine industry in that it becomes a booming business when there are natural disasters. In fact, there are numerous warnings on the internet about storm chasers. Here at Peak Roofing we have established a company that focuses on re-roofing homes that have reached their expiry date. We have not and will not build our business simply on insurance claims, but the day will inevitably come when a powerful storm will descend upon Hamilton and a lot of roofs will suddenly need to be fixed. So the important question to ask is how does your roofing contractor interact with insurance companies?
First, insurance companies will establish a price for roof replacement in your area. This is generally done by averaging out the price that most established roofing companies in the area charge. One piece of advice to consider if there has been a major storm is that the increase in demand could result in a higher price. If your roof is not leaking, you should probably wait for awhile after the storm so that roofing companies drop their prices when demand decreases.
Your insurance company will pay you one of two ways. They will either pay you actual cash value (ACV) or replacement cost (RC). Once your method of payment has been determined it is important to get multiple estimates. This is where the tricky part of getting your roof repaired after a storm comes in. Suddenly the demand for roofing repair has skyrocketed but the companies that exist do not generally have the workforce to meet the demand. You may end up waiting months to get your roof done. During this time, it is important to pick a company that can get to your roof before there is any water damage while making sure they have the experience to get the job done right.
Your insurance company knows how storms impact the market and create higher costs for roofing. We recommend asking your insurance carrier to provide you with a list of names of roofers in your area that will work directly off the estimate that they provide. Also, make sure that you insurance plan covers the difference between actual cash value and replacement value if you have to get your roof fixed quickly after a natural disaster because there is a leak. Otherwise you could end up being out of pocket thousands of dollars even though you have insurance.