Insurance Guide
Let’s face it, the insurance process is confusing.
Most roofers (and insurance companies) like to overcomplicate the claim process until nobody has any idea what’s going on, or what step of the process they’re on.
We want to change that. So in an effort to modernize the roofing industry we’ve created a 4 step process that makes the claim process easier than ever. At Revived Roofing Solutions, you’ll know exactly what step of the process you’re on, what that entails, and what’s to come. Our inspectors work with insurance companies every day, so we’re ready to answer any and every question you might have.
Key Insurance Terms
Navigating the insurance claims process can feel confusing and overwhelming. At Revived Roofing Solutions, we guide you through it, making it simple. We’re always happy to answer any of your insurance questions. Here is some good terminology to familiarize yourself with to get started.
Your deductible is the amount of money you are responsible for paying out of pocket before your insurance provider begins to cover the cost of roof repairs or replacement. Deductibles vary by policy.
Your coverage limit is the maximum amount your insurance provider will reimburse you for damages. Coverage limits vary by policy. Any costs beyond the coverage limit are the property owner’s financial responsibility.
An exclusion is a situation not covered under a policy. If the cause of the damage to your roof falls under one of your policy’s exclusions, your insurer will not reimburse you for the repair costs.
Depreciation is the process of your roof gradually decreasing in value over time. To determine claim payouts, insurance policies often factor in depreciation, considering factors like the roof’s age and condition.
Non-recoverable depreciation is the portion of your roof’s value after depreciation or actual cost value that you are not reimbursed for by your insurer.
Replacement cost value (RCV) is how much it would cost to replace your roof with a brand new roof of similar quality to your current roof, not factoring in depreciation from wear and tear. If your policy bases claim payouts on RCV, it usually means a lower out-of-pocket cost.
Actual cash value is your roof’s current value after depreciation from wear and tear over time.
A warranty from a roofing manufacturer is a guarantee that they will cover the cost of roof repair or replacement if any defect in the roofing materials is found within the given time frame. A warranty from a roofing contractor like RRS is a guarantee that they will cover the cost of repair or replacement for faulty workmanship found within the given time frame.
It’s important to review the terms of your roof’s warranties to know to what extent that you are covered.
Typical Roof Warranties
- Asphalt shingle roofs: 20-30 years
- Wood shingle roofs: 20-25 years
- Tile roofs: 30-50 years
- Metal roofs: 40-70 years
A Certificate of Completion is a document roofing contractors provide to property owners to sign together once the roof repair or replacement project is finished. It acts as proof that the job has been completed as agreed upon.
Insurance Could Buy Your Roof
After all, that’s what you pay them for.
90% of our roofing jobs are insurance claims. That means that most of our clients get a roof replacement fully covered by their insurance providers, and you could too. Schedule a free property inspection today.
