Depending on your coverage and the damage present, you might decide not to file an insurance claim for leaking roof damage. Look over your paperwork to see what damage the policy covers. Then talk with your local roofing experts for a fair and reliable repair quote.
Here are some questions you will need to consider as you move forward:
Are You to Blame for the Damage?
Some homeowners don’t take good care of their property. They leave gutters to fill with rotting leaves, pay no mind to missing or cracked shingles and generally ignore their home’s exterior until something goes wrong. If your roof shingles are curling, cracked or covered in mildew and water gets in as a result, it’s possible you will have your roof insurance claim denied and you’ll most likely wind up eating the costs.
On the other hand, if a hail storm leaves your shingles riddled with cracks, insurance will likely cover the cost to replace them.
Is the Damage an “Exclusion”?
Your policy will contain an area called “exclusions” that will explain all the types of incidents the company won’t cover. For instance, in some areas, flood damage requires an additional policy because flooding is so common in the area.
Is the Cost of Repair Higher than your Deductible?
The deductible is the amount you’ll have to pay to repair any damage. Common deductibles run from $500 to $5,000. If the cost to repair the damage is below your deductible, you won’t receive any money from the insurance company if you file a claim. Be sure to get a quote for repairs before you call your insurance provider when you have roof damage.
Remember, the cost to replace or repair items damaged by the leak – including drywall, flooring, furniture and electronics – should go into your claim, too.
Just Because You Can File an Insurance Claim for Leaking Roof…
Inexperienced homeowners might find it tempting to file a claim whenever their policy will cover the damage. It makes perfect sense and is well within your policy guidelines. The problem is your insurance company might decide you’re too big of a risk and will terminate your coverage. You don’t have to break any rules to be “fired” by your insurance company.
In addition, any time you file a claim, the cost of your policy will go up. These increases can be significant. It’s not something you can avoid by simply switching companies either. Claims from multiple companies get reported to the Comprehensive Loss Underwriting Exchange (CLUE) which insurers check before writing new policies.
Sometimes, whether you should file a claim is much more important than if you’re able to collect on the damage.
Most insurance experts recommend foregoing filing a claim if the damage is worth less than $5,000. Instead, you can opt for a policy with a higher deductible. This lowers the price you’ll pay for coverage. Put the savings in the bank and use them to pay for small issues that come up.
In general, filing more than one weather and one non-weather insurance claim for leaking roof every ten years can put your insurance coverage at risk.
Talk to our experts at Hopewell Roofing & Restoration when deciding whether to file an insurance claim for leaking roof damage. Call us to receive a free quote for repairs today.