MAKING AN INSURANCE CLAIM
Filing an insurance claim for damage sustained in a tornado, hail storm, wind event, fire, flood, or other type of catastrophe is not something most of us do on a daily basis.
An established building contractor who is familiar with the claims process will ensure your property is properly restored. Paragon Exteriors Inc. is a leading expert in the insurance restoration process. Our knowledgeable experts are here to offer our assistance in the insurance claims process.
If you suspect hail damage, wind damage, or other damage from a recent storm, the first call you make should always be to an experienced roofing, siding, or general contractor. If you choose Paragon Exteriors Inc. as your as your insurance restoration contractor, we will conduct a detailed FREE inspection of your property looking for any and all storm-related damage. If there is damage, we will photo-document and provide you with a detailed storm damage report.
No Damage: If we don’t find enough damage to warrant an insurance claim, you will have the peace of mind that your home is ok.
Damage: If there is substantial damage to your property, we will suggest filing an insurance claim to restore your home back to, if not better than, it’s pre-storm condition.
Will filing the claim raise my insurance rates? NO!! This is precisely why you pay annual premiums to your insurance company. These catastrophic storms are considered Acts of God. You did nothing to cause the damage to your home, and it will not be held against you if you choose to get it repaired. Insurance companies cannot raise your rates due to damage by an Act of God.
FILING THE CLAIM:
If damage is found, the first call should always be to your insurance company’s designated claims office – not your personal insurance agent. Many agents are not responsible for or trained, in many cases, to handle the claims aspect of your policy.
For your convenience, we will provide the numbers to most of the larger insurance companies’ disaster relief claims offices. If you choose Paragon Exteriors Inc. as your insurance restoration contractor, we will be able to help guide you through this step as allowed by local insurance laws and regulations.
The insurance companies claim handler will assign claim number and a claims adjuster. Write this number down, as it will be very important throughout the process. Call your Paragon Exteriors Inc. representative and provide the adjuster’s name, contact information and appointment time, if an appointment has already been scheduled. Paragon Exteriors Inc. will negotiate with the insurance carrier for a fair insurance settlement, ensuring that you receive the highest quality roof system and repairs available.
THE ADJUSTER MEETING:
Shortly after filing a claim, a field adjuster from your insurance company will contact you to schedule a time to inspect your property. Let us know the day and time of your adjuster meeting, and we’ll be there. As much as they appreciate your business, the insurance carrier’s ultimate goal is to keep their expenditures down. Thus, it is critical for your Paragon Exteriors Inc. representative to attend the initial inspection meeting.
A field representative from Paragon Exteriors Inc. will meet with the insurance adjuster and go over all of the damage together, making sure that your inspection is thorough and that no damage is overlooked, and unaccounted for. Detailed measurements of the roof and other damages will be taken at that time.
Whenever possible, your Paragon Exteriors Inc. representative will provide a satellite imaged, engineered report detailing the exact roof and wall measurements which will assist in documenting the damage. Our roofing, siding, and storm damage restoration specialists go the extra mile to make sure we expertly document the damage during the initial inspection.
ENSURING A FAIR SETTLEMENT:
Once the insurance adjuster assesses the extent of damages to your home, he or she will provide a claim summary detailing the scope of repairs or replacement. Most insurance carriers use pricing software called Xactimate to determine the fair market price of your roof replacement and other damages. For this reason, Paragon Exteriors Inc. also uses Xactimate to generate our estimate for your project, ensuring that all of your losses are fully accounted for. When you receive the adjuster’s claim summary we will compare it to our own to make sure nothing has been omitted from the scope of the project.
On occasion, the pricing on the adjuster’s claim summary can fall below what is considered fair market value. If any items are omitted, or there is a discrepancy, our insurance claims liaison will negotiate the difference with the insurance company. This is not always necessary, but when it is, you need a company that has extensive expierence navigating the insurance claims process and a company that uses the same estimate writing program as your insurer.
You should receive the initial check about the same time the claim summary arrives. It may have your mortgage company’s name on it, in which case you would have to contact them to find out the proper procedure for getting their endorsement. Each company has specific directions to follow. There will be additional paperwork needed by the mortgage company. This process can take anywhere from 10 – 30 days. If a supplemental check is issued, it too may have the mortgage company listed on it and the same procedures would need to be followed. Those funds would be payable towards the new negotiated roof and storm damage replacement total.
The initial check may seem small compared to the full amount of the project. There are two reasons for this – (1) the depreciation, and (2) your deductible.
Replacement Cost Value: Most homeowners choose to insure their home with a Replacement Cost Value (RCV) coverage policy, as opposed to a Actual Cost Value (ACV) coverage policy. Payment based on the replacement cost of damaged property is usually the most favorable figure from a homeowner’s point of view, because it compensates the insured for the actual cost of replacing the damaged roof, with a brand new roof – at current market rates.
Depreciation: If you have a Replacement Cost Value (RCV) coverage policy, the insurance company will disperse an initial amount up font and the remaining balance in the form of a depreciation check. If you have a RCV policy, the depreciation amount that is retained by the insurance company will be issued to you after the replacement of your damaged items is complete.
Deductible: The deductible is the portion withheld by the insurance company that you have to pay out of pocket to have work completed. The deductible is your co-pay which you will pay to Paragon Exteriors Inc.
The full cost of the roof replacement and other damages is the sum of the first insurance check, your deductible, the amount of depreciation and any supplements.
INSTALLATION OF ROOF:
Once the first insurance check, deductible and insurance loss statement are received the roofing and/or siding, windows, and gutters will be installed and all other damages repaired.
Replacing roof, siding, windows, gutters and other storm related damages is a major undertaking, and on the biggest investment of your life: your home. At Paragon Exteriors Inc, we take every precaution to ensure that we leave your property better than how we found it.
RECOVERING THE DEPRECIATION:
After the roof has been installed and all other damages repaired, Paragon Exteriors Inc. will provide the necessary documentation to the insurance company to let them know the work is complete. We will ask for the release of the depreciation funds. The insurance company will most likely call you to confirm that the project is complete and will then release the final check. It is possible that if a supplement was negotiated that it may be included in the final check along with the depreciation.
Paragon Exteriors Inc. will be happy to make the follow up calls to confirm receipt of this documentation and to ensure timely processing. Mortgage companies may require their own inspection before they endorse and release the depreciation back to you. It is recommended that you ask them about this when you contact them initially for their required procedures.
Beware – If you have been approached by a contractor with a lower bid than the insurance loss statement your insurance company will not allow you to keep the savings. In this situation either you or your contractor has to provide a false invoice to the insurance carrier to recover the depreciation. If a contractor has presented this illegal offer of savings you may be in danger of participating in insurance fraud.
MAKING THE FINAL PAYMENT:
Once you receive your last insurance check, and mortgage company endorsements are made, we will collect the final amount due on the roofing and storm damage restoration job.
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