Getting 3 Roofing Bids, Favors The Insurance Company, Not The Homeowner!
The way insurance claims are processed has changed over the last 5 - 15 years. It used to be that the insurance company would give the homeowner a check for the full amount of the loss and then the homeowner could bid out the job as they saw fit. If the amount of the job came in below the amount the insurance company paid, the homeowner could keep the difference.
Insurance companies now break the payments into a minimum of two checks, one for the Actual Cash Value (ACV) of the roof, and the second for the Depreciation (DEPR) of the roof. The insurance company is legally required to pay the homeowner the ACV portion of the claim in all circumstances. So, they will send a first check for the ACV portion of the claim. They are NOT required to pay the homeowner for the DEPR portion of the claim unless the work has been verified as completed. This means insurance companies now require an invoice showing the final balance of the work billed to the homeowner.
Why did they make this change?
Because a certain percentage of homeowners were using repair money to fund lifestyle choices, such as going to Vegas or getting a hot tub. This actually contributed to the 2008 housing crisis, as many banks suddenly discovered the houses they had lent on weren't worth what they thought they were because repairs had not been made.
Why Do Insurance Companies Tell Homeowners To Get Bids On Roof Replacement?
Insurance companies are the only ones to benefit from bidding out a roof seeking the lowest bid. Insurance companies hope that home and business owners will try to pocket some money from their claim, that way when they receive the final invoice, and they won't have to pay the full amount of the claim. The policyholder does not benefit and is usually hurt by this as they will typically receive a lower-quality roof, and no extra money in their pocket.
How Should I Select A Contractor If Bids Don't Matter?
* Reputation (Good reviews) see our reviews here
* Quality (Roof installation process, quality control system, good materials)
* Reliability (In business at least 5 years, will be around to service warranty)
Daley's Contractors is fully qualified to work with insurance companies to satisfy storm damage claims for home and business owners. Our primary goal is to work with individuals and insurance companies to restore properties to original or better condition within the guidelines of the insurance policy. To bring order to chaos in the aftermath of disaster, no matter the size of the scope.
It is critical many times to contract with a professional prior to an insurance adjuster evaluating the roof. The insurance companies adjusters may need help with different things.
A representative of Daley's Contractors will meet with your insurance adjuster on the property and identify all damage in order to assure the most favorable decision. There is no cost for this service.
After damage has been confirmed by a professional representative from our company, we can help you call your insurance company and start the process for a claim and request an adjuster to come review and estimate the damage with our representative.
Important: Be sure a Daley's Contractors representative is on site when the adjuster makes their initial visit.
Repairing damage to your property with equivalent material and quality is required and expected by your insurance company and your mortgage company, if applicable.
Filing a storm damage insurance claim can be a frustrating and a confusing process. This is what we do every day so let us help.
Protect yourself by hiring Daley's Contractors to represent your best interests.
When filing an insurance claim, remember most state laws prohibit insurance companies from cancelling policies for filing claims in an Act of God storm damage situation. In most states insurance companies cannot single you out for a rate increase. If the insurance company is going to raise rates, they have to raise everyone's rates in your area. So, if you don’t file a claim, your personal rate increase will pay for everyone else's claim except for yours.
Before contacting your insurance agent, who is probably receiving a large amount of calls from other customers please contact
Daley's Contractors to inspect your home for potential damage as quickly as possible. To avoid potential further damage. We will do a assessment of your home to see if it has sustained damage to reasonably justify an insurance claim. This inspection is absolutely at no cost to you.
If your home has been damaged, exposure to the elements may greatly increase the amount of damage to you home. If so we are here to assist with emergency trapping and or board ups as well.
Why Getting 3 Roofing Bids Costs You Big Time!
Many insurance policies limit your time to file a claim, so don't wait until you have water dripping through the ceiling or attic, or for your roof to cave in, to call Daley's Contractors.
Insurance Claims Process