At Bright Sky, we are dedicated to helping you to manage the difficult process of restoring your home after a storm. We specialize in damage assessment and identification. We work directly with the insurance company to ensure they are covering the repair or replacement of absolutely everything damaged. Once we are done working with your insurance company, you will never even know a storm hit.
Will my claim raise my insurance premiums?
The common misconception about insurance premiums is that they go up each time you open a claim for hail or wind damage. In fact, the insurance company raises claims based off the ZIP Code your property is located in. As claims are filed in your ZIP Code (by anyone, not just you) the insurance company is forced to pay them out. This can sometimes result in higher premiums in different parts of the country. Regardless of whether you decide to file a claim and replace your roof, your premiums will be affected by each storm that hits your area. That is why it makes sense to go through the process and replace your roof when it is damaged by a storm. One thing you can do is upgrade to a Class 4 Impact resistant roof system. This will help to lower your insurance premiums.
What if the insurance company drops me?
Hopefully you are with a reputable insurance company, and this won’t be an issue. It is important to know that insurance companies have the right to drop a customer at any time for any reason. This does not change the fact that they are responsible for covering damage that took place while your policy was active. What this means for you is that the insurance company can choose to drop you after filing a claim however, they will still be responsible for covering the damage to your property. Most insurance companies don’t drop you for filing hail and wind claims as it is expected when you have a property located in an area that is susceptible to that type of storm. That is exactly what you pay them for. To pay for damage to your property after severe weather strikes.
More About Insurance:
Explaining your deductible:
An insurance policy is a contract. It is an agreement between you and your chosen insurance provider which outlines how damage to your property will be covered monetarily. Within that policy, a deductible is usually identified. This deductible is your portion of the replacement cost. That means, you are responsible for paying out the deductible in the event your claim is paid out. i.e. (if your entire roof costs $10k and your deductible is $1k then the insurance company will pay your chosen contractor $9k for the $10k roof, and you will be responsible for paying your chosen contractor the additional $1k). If a company offers to cover this deductible, that is considered to be insurance fraud. This is a felony, and is punishable by jail time for both parties involved (i.e. the company, and the customer)
Your insurance claim is usually paid out in a series of different payments:
The first payment you receive will be for the Actual Cash Value (ACV). This check is usually given to the property owner at the same time the initial insurance estimate is given. The ACV check is usually in the amount of the current roof in its current condition. The ACV amount is calculated by the insurance company using a simple formula. They deduct money based off the age and condition of the current roof system. This deduction is noted on your insurance estimate as “depreciation”. The depreciation amount can sometimes be recovered. It is important to note if your policy is an ACV Only policy, or if your depreciation can be recovered after your roof has been replaced. Your Bright Sky Project manager can help you to read and understand your estimate so that you know exactly what your policy covered on your claim.
The second check you receive will most likely be for collateral damage that occurred on different items around the property, i.e. (the hot tub cover, grill, garden gnomes…) Stuff that is not actually attached to the building on the property is usually covered under this payment.
Additional payments will be made to cover the Replacement Cost Value (RCV). These payments will vary and may come in the form of more than one check. Throughout your roof replacement Bright Sky will work to identify the additional costs associated with your project. We try to identify everything possible prior to starting construction. This is done in the pre-supplement process that takes place with your insurance company. As with any construction project, there is a possibility that additional things will come up during the replacement. These are covered in the post-supplement process that takes place between Bright Sky and the insurance company.
Property owners will often find this process confusing as the insurance company will send a check with the first estimate, and sometimes offer little additional information. It is important to hire a contractor you can trust to help walk you through this process and make sure you get the most value out of your insurance claim.
You can’t prevent storm damage to your property but, you can control how quickly and effectively it is remedied.
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