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A Homeowners Insurance Policy protects homeowners against certain perils. A policy includes deductibles, premium payments, and provides coverage for some perils while it excludes others. All homeowners choose how their policy will cover them, how they will pay it—in full or installments—determining how much it will cost to replace various items, replacement value of said items, etc.
Q: What is a deductible?
A: Your home insurance deductible is the amount you pay for covered damage before insurance kicks in. With a higher deductible you lower your premiums assuming more cost. A deductible is a flat rate, such as $500 you pay for initial payment on any damages.
Q: Why is there a deductible?
A: Insurance companies use deductibles to discourage small and frivolous claims.
Q: After rain and hail storms, we have a hole in our roof. If I patch the roof before an insurance adjuster evaluates it, will the insurance still pay for roof repair?
A: It is your responsibility to protect your home. If the damage to your home is caused by a covered loss, then typically the insurance will reimburse you for tarp and emergency services. If the cause is not considered a covered loss the insurance company will typically not reimburse. You may call your insurance company to get pre-approval, in which case you will be reimbursed.
Q: Why does insurance hold back monies for repairs?
A: The insurance company depreciates the amount allocated for repairs because of roof age. The insurance company retains the additional monies until the repairs are completed. Once completed, Roofroof.net will send the insurance company the required documentation. The insurance company will then issue the final check. And that’s it: A new roof for the price of your deductible!
Q: Is there a time limit for filing a claim?
A: Yes, this encourages owners to file early, before the initial damage causes more costly problems. Determining damage from a fire is easy; but homeowners typically may not see/realize roof damaged in a hailstorm until water damage shows inside the home. Typically, the sooner a problem is attacked, the smaller that problem will be.
