Lyons Roofing

Roof Replacement and Repair Contractor Louisville, KY and Indiana

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Roofing and Homeowners Insurance

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Ever wondered about roofing and homeowners insurance, what an insurance company is talking about when it comes to Replacement cost or Actual cost value? Or, do you even know what kind of coverage you have on your home and roof?

 

roofing and homeowners insurance

 

Most people don’t take the time to understand or even know they may have a massive gap in their roofing and homeowners Insurance coverage.

 

Lets say you live in the Midwest, you have a massive storm event once every 3 years and it results in a new roof at an average cost of over $14,000 dollars each replacement. Does it sound like a good investment for your insurance company to take in somewhere between $300 and $1000 a year, then have to pay that entire $42,000 out?

 

Someone has to take a hit on the roofing and homeowner’s insurance coverage.

 

So what exactly is Actual Cash Value and Replacement Cost, which will better protect you as a homeowner? Only you can decide which will be the best option for you and your family. They can both be viable options, but, one can cost your more than the other.

 

  • What is Actual Cash Value

Actual cash value is the amount equal to the replacement cost minus depreciation of a damaged or stolen property at the time of the loss. It is the actual value, for which the property could be sold, which is always less than what it would cost to replace it.

 

  • What is Replacement Cost

A replacement cost is the cost to replace an asset of a company at the same or equal value. The asset to be replaced could be building, investment securities, accounts receivable or liens. The replacement cost can change, depending on changes in market value of the asset and any other costs required to prepare the asset for use. Accountants use depreciation to expense the cost of the asset over its useful life.

 

So which coverage should you choose

What coverage is best for you and your home? That is really for you to decide. For most Replacement Cost is the best coverage for roofing and homeowners insurance. There is normally a substantial cost increase going with this type of coverage. Actual Cash Value can be a viable option as well; The only difference between replacement cost and actual cash value is a deduction for depreciation. However, both are based on the cost today to replace the damaged property with new property.

 

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Can you really blame the insurance companies?

There is an old saying “Profit isn’t a dirty word”. Yes, we as homeowners want to protect ourselves. But, an insurance company wants to protect themselves as well, after all if we didn’t have insurance companies. We would have to keep a lot more money on hand in times of emergency.

Contact your Insurance agent or local roofing company if you have any questions about your roofing and homeowners insurance policy. It is easier to ask people that do it for a living than try to figure it out yourself.

 

 

 

Roofing Claim and Homeowner’s Insurance

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Have you ever experienced roof damage of some kind? You may wonder, is it time for a repair or full roof replacement? You may even be considering filing a roofing claim against your homeowner’s insurance policy.

In order to get the most out of your homeowner’s insurance policy, Lyons Roofing will help you get informed and take a few necessary precautions.

No need to be surprised by unexpected loopholes! We at Lyons Roofing want to do our best to make sure all of our customers and readers are well prepared.

 

Will your Insurance Company accept your claim?

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Most people assume that that their roof damage will be covered under your insurance policy, hire a contractor, and then be surprised later when their claim is denied.

No one likes to be stuck with that unexpected expense of a roofing claim. Asking your roofing contractor or insurance company questions ahead of time can help you avoid the headache and drama. Reasons for a denied roofing claim can vary, but could include any of the following:

  • The type of roofing materials you use,
  • A full roof replacement instead of a roof repair,
  • Homeowner negligence,
  • Improper prior installation
  • Everyone’s favorite “this damage is caused by age”(sometimes granule loss can be age related).

 

Accept Bids From High Quality Roofing Contractors

 Lyons Roofing Truck with New Wrap

Your insurance company may insist that you receive multiple roofing estimates from a wide variety of contractors. You are in no way obligated to do this. You are also not obligated to use a particular roofing contractor. Trust your insurance companies opinion though and at least vet out the contractors they endorse. There is a reason they are endorsed, these are contractors they know are knowledgeable and wont leave the customers with a subpar product..

Some Insurance companies have been known to only approve the lowest bid, which could leave you with a sub-standard roofing job. So make sure you do your homework and fight for the contractor you feel the most comfortable with. After all, you do pay premiums. Make sure you get the final product you want and deserve.

 

Do not Think The Leftover Claim Money is Yours

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Some homeowners assume that if they can get a roofing estimate lower than the insurance company’s estimate, they will be able to pocket the remaining money. In truth, the insurance company will only pay the final charges on the roofing contractor’s bill. Taking a lower bid could only put you at risk for a subpar job and years of headaches.

 

Do your own research and you will be able to successfully file a claim for roof repairs on your homeowner’s insurance. If you have any questions, you cannot find the answer on. Feel free to contact Lyons Roofing and if we cannot answer it, we will contact the insurance company for you to get your questions answered.