hail stones

The Insurance Process

On our last post we went through some of the things to watch for when doing a retail bid.  On this post we will go through the insurance process if you have storm damage.  The insurance process might be overwhelming to those home owners who have never been through it before.  But if you have the right people working with you then it should help alleviate some of that.

Not all of the storms will be like the one in the video on the left, but I thought it would be entertaining to see this one…  However, if you get large hail it will damage your roof, siding and other parts of the exterior of your home.

Say you had a major storm with high winds, hail or other damaging events.  The first thing that you should do is have a professional inspect the property.  They should look at the roof, siding, windows and wraps.  The insurance company will inspect the home from top to bottom, and that is what your inspection should be from a licensed contractor.  If the inspector finds recoverable damage to the house exterior, they will have you start a claim with your insurance company.  They can help you call the insurance company and make sure that you tell the insurance company that you want the contractor to be there when the adjuster comes out.  Find out when the adjuster is going to be there, and notify the contractor of the date and time.

When the insurance adjuster comes to your home, they will start the inspection, and the contractor will point out some of the damage.  When the inspection is complete, the insurance company will either approve the claim or deny it.  If the claim is denied, and you and the contractor disagree with his findings, you can ask for a second adjuster, and ask for a different adjuster than the first one.  Many times if a claim is denied the first time around, it will be approved on the second adjuster’s findings.

After the claim has been approved, two things will happen.  You will receive some paperwork from the insurance company called a breakdown sheet, which will list exactly what they are paying for, what your insurance deductible is, what is the Actual Cash Value (ACV) and Replacement Cost Value (RCV) on the claim, and your first check.  The insurance payments are broken down into several payments.  The first check you get up front to get the job started, and that check most generally goes to the contractor.  The final check is paid after the job is completed and the contractor gives the insurance company the final bill and requests that the depreciation amount be released, along with additional supplements that have been submitted to insurance.  You are still responsible for your deductible, and by law no contractor can cover that for you.

After the first check is issued and given to the contractor, then you can pick out your materials for shingles, siding, fascia, etc.  The permits for the work are obtained by the contractor and posted on your door.  The permit must remain posted until the work is done and the final inspection by the city is completed.  The materials are ordered, the job is scheduled and the work is done.  The contractor will then request the depreciation money be released from the insurance company.  Then you settle the final bill and enjoy your home! 

Hope this post was helpful to you.