Roofing FAQs
Wabash Valley Exterior
FAQs About Roofing and Siding
Have a residential or commercial-related question? We have the answer. Check out these FAQs and give us a call today for more information!
What is depreciation?
Depreciation is the amount of money held back by the insurance company. This is calculated per item, not on the total claim amount. The depreciation is based on how much life expectancy is left in the damaged item. If something is worth $100 brand new and there is 10% of its life expectancy left, the insurance carrier would pay you 10% of the new price ($10) and hold back 90% ($90). Depending on the policy, the depreciation can be recovered once the work is completed and documentation is sent in. Reach out today to learn more from the finest roof repair company around.
Why won’t roofing contractors give me a quote to replace my roof if it’s an insurance claim?
This is because the only one who wins if we all bid lower than what the insurance company has deemed a responsible amount is the insurance company. Instead of asking for a bid, you should ask about what upgrades and additional items the roof installation company is willing to include for the price. Examples would include Class 4 shingle upgrades, ice and water shields, and extended warranties.
Do I need to get multiple quotes for insurance work?
No, you are not required to submit multiple bids or go with the lowest. All roofing companies will perform the work for the agreed-upon amount set in the Statement of Loss. Insurance companies and contractors use software such as Xactimate, which determines the price based on the material and labor rate for the zip code. If you get a quote for less than what is determined by that software, the insurance will pay you less when depreciation is released. They will only pay whatever is invoiced by the contractor. Call today to get started with a quote.
How do roof insurance claims work?
As experts on roof installation, we can tell you there are four main parts to a roof insurance claim.
– Researching and documenting
– Calling a roofing contractor
– Calling an insurance provider and filing a roofing claim
– Having the roof replaced
If you’d like to learn more about how roof insurance claims work, contact Wabash Valley Exteriors today.
How long do I have to file an insurance claim for hail damage?
We’ve seen that most policies written or renewed after 2018 state you have one year since hail damage becomes less obvious after that point, and potential leaks are more likely. Reach out today to get started with our reliable roof repair company.
Is it a good idea to give a roofing contractor your insurance paperwork and statement of loss?
You should never give anything to roofing companies you don’t trust. However, these aren’t just private documents, and they only help the contractor understand the claims better. Typically, we find that we can help you understand the document better and inform you on what’s covered and what’s not.
What is a Statement of Loss?
This is the estimate of what the insurance company has estimated the repairs to cost to bring your property back to pre-loss condition. Call today to learn more from our roof repair company.
Why do you not need a bid for insurance work?
Price should not be a concern when replacing your roof through an insurance claim if you have the right coverage in place. The insurance company pays for what is damaged and brings your property back to pre-loss condition. If you go get multiple bids and go with the lowest bidder, the only one who wins or saves is the insurance company.
It is not true that you must get multiple bids; you have the right to work with whatever roofing contractor you want. Most importantly: you want to make sure the scope of work is comprehensive and complete and you trust the contract. The price should always be determined by the scope of work, and the replacement cost by using the geographical location to determine that market’s local supply and labor rate.
Do you still have questions?
Our team is happy to answer any questions you may have. Reach out to us at (765) 217-5294 or info@wvexteriors.com.
Best Lafayette Roofers
Protect Your Home and Businesswith Trusted Roofing Experts
Schedule Your Free Estimate Today and Discover the Difference Quality Makes
Learn More About
Lafayette Roofing and Exterior Company Services
Wabash Valley Exteriors
Serving Lafayette, West Lafayette and surrounding areas. Wabash Valley Exteriors specializes in residential and commercial roofing, gutters, and siding services. Insurance claim specialists. Next business-day estimates. Active military and veteran discounts. Call for a free estimate.
Contact Wabash Valley Exteriors
Address
info@wvexteriors.com