It’s an unfortunate reality that most homeowners will experience some type of roof damage at one point or another. Many people don’t realize the process of filing a claim for this type of damage with their insurance company. This post identifies things you need to know about insurance claims for roof damage and how it can be beneficial to your financial future if you take the time to learn them!
Your Insurance Company is Not Here to Help You!
At first glance, this statement might seem harsh. The insurance company is here to pay you if something happens, right? Well…no. According to a recent Forbes article, the primary function of an insurance company is not to pay claims. Their top priority is actually making a healthy profit for their shareholders. That’s why it’s your job to educate yourself about your coverage and what types of events that are covered by it before you ever submit a claim! In fact, some insurance companies will list on their policies in black-and-white print that they are under no obligation to provide coverage if you failed to maintain the roof or got hit by an “act of God,” such as a tornado.
Insurance Claims Can Take a Very Long Time!
This next statement is very anxiety-inducing for most people: your insurance claim could take months or even years to process! This is because property damage claims have become incredibly complicated over the years, and there are just too many factors that can affect your claim to deal with it quickly. These include: * Lienholders need time to review their own policies to determine if they will be providing you coverage as well. * Legal issues may arise from homeowners trying to commit fraud by lying about certain aspects of the event—for example, someone might try to say that petty theft caused a broken window when really it was a storm. While this type of behavior does not often occur, the insurance companies are very careful to deal with fraud in any way they can. * The information you provide with your claim may need to go through a legal review process. If certain pieces of information are missing or contain errors, it could be months before someone from the company reviews them again.
Your Roof is Not Always Covered Under Fire Insurance!
Most people know that their house is covered under basic fire/theft insurance policies. What many do not realize is that these types of policies usually exclude coverage for structural problems related to the roof and its components! Insurers will sometimes pay for repairs to a roof if the issue is purely cosmetic, but most of the time they will offer nothing at all because this type of damage is not considered a covered risk due to the type of policy that’s in place.
If you have fire insurance, and your roof is damaged in an event (such as high winds) that could cause it to leak or fly off entirely, you may be lucky if they offer to pay for the replacement cost. If they don’t offer any money at all, you might even be able to sue them for breach of contract! Contact an attorney specializing in this field if you’d like more information about pursuing such legal action. Still need help? Get fast answers for free!
Your Roof Will NOT Last Forever!
That’s right; roofs do not last forever—not even close! Most roofs tend to last around 12-15 years on average, though there are a few types (such as slate roofs) that will last up to 30 years. When your roof starts to show signs of trouble, it’s time for replacement! This is because the cost of repairing the damage tends to exceed the cost of replacement. Make sure you have enough money set aside in savings just in case this happens!
You Can Do It Yourself!
If you’re feeling brave and confident in your ability to manage a project like this, then consider taking matters into your own hands by doing-it-yourself! Here are some important things you need to know about DIY roofing: * Building materials can be purchased at home improvement stores, hardware stores or lumber yards—price out your options and go with the cheapest one! * You can find professional roofing equipment at rental supply companies, which allow you to get a good deal on tools that will last for only as long as your job does. * Spend every dime you have saved up on supplies! If you’re going to do it yourself, make sure you’re prepared by buying all of the materials necessary before starting the project. If there are any hidden costs (such as a ladder), don’t forget to account for those too!