Storms are an every day part of life all along the Colorado Front Range. As a homeowner you can almost guarantee an insurance claim due to weather related damage from hail, wind or ice at some point while you own the home.
At True Mountain Roofing we make insurance claims easy by following these 5 simple steps:
1. Call us for free inspection (719)306-0101
2. Confirm Visible Damage and File a Claim
3. Meet with insurance adjuster at the property
4. Work closely with your insurance company to ensure proper proper payout
5. Review scope of work and set start date
Understanding Your Insurance Coverage
It is important that you read your policy contract and understand its limitations. Here are a couple of terms that will be helpful to know.
(ACV) Actual Cash Value
Is the cost to repair or replace an insured item of property at the time of the loss, less depreciation. The value of depreciation is based on the age and condition of the item. Personal property, such as contents, is typically settled at ACV unless the insured purchases (RCV) Replacement Cost Coverage. Your ACV Payments is typically the 1st of two checks you receive. The 2nd check will be mailed when job is complete and all invoices are billed directly to your insurance company.
(RCC) Replacement Cost Coverage
Also know as Replacement Cost Value (RCV) is the cost to replace lost or damaged property with new property of like kind and quality at current prices. For an additional premium, it is available for buildings and contents. Some insurers automatically include RCC in the homeowner policy; however, usually it is an optional coverage that must be purchased.RCV = (ACV + Deprecation + Deductible)
It is also important that you understand the Colorado State Law regarding Roof Replacement “PROHIBITING ROOFING CONTRACTORS FROM PAYING, WAIVING, REBATING, OR PROMISING TO PAY, WAIVE, OR REBATE ALL OR PART OF ANY INSURANCE DEDUCTIBLE” (Senate Bill 12-038)