In many parts of the country, insurance companies determine the property insurance based on a percentage of the value of the home. Currently in Colorado, the majority of insurance companies still offer a set deductible of $1000.
We have, however, noticed an increase in the number of deductibles that are being set based on a 1% value of the home here in the Colorado market. We have also seen a trend in which several large insurance companies follow suit after a major competitor has successfully made such a change in their policies without too much resistance.
Of course, deductibles are not the only factor in choosing an insurance company, but it does impact you significantly when filing a claim. It is worth asking your agent upon renewal what their current policy is on deductibles and what the forecast is for basis of deductibles in the near future. Your agent should be able to share specific details with you on your property insurance and what changes you may be facing.
Recoverable Depreciation usually refers to the monies that are held back for repairs in an insurance claim. Most insurance companies hold back the depreciation until proof that the repairs have been completed is received.
We are sending out a friendly reminder that the window of opportunity to recover depreciation on your roof and other hail damage repairs may be coming to a close. The 2014 Hail Storm that hit Colorado Springs and the surrounding areas was on May 21st. The 2014 hail storm that hit Denver was later in the season.
Most insurance companies allow 365 days to complete and invoice for repairs. Travelers and a few others allow 180 days. St Farm and a few others allow 2 years, but will not necessarily adjust for price increases which can cause problems in getting repairs done adequately.
It is critical that you start this process now so that your insurance company receives the final invoices for work completed by the 19th of May. Some insurance companies will allow you to get an extension on your claim. If you determine that you may miss the deadline to recover your depreciation, it is advisable to call and get an extension, in writing if possible.
It would be very helpful for you to find out from your insurance company what their policy is on how Recoverable Depreciation works within your roof claim and to insure that you can collect on your deprecation. Details are usually listed on the claim summary. You can also call your adjuster or claim office directly.
Of course, you can call our office if you know that the deadline to recover your depreciation is coming up. We are happy to assist you with this process with your insurance.
Award reflects company’s consistently high level of customer service
Integrity Roofing and Painting, LLC has earned the service industry’s coveted Angie’s List Super Service Award, reflecting an exemplary year of service provided to members of the local services marketplace and consumer review site in 2014.
“Only about 5 percent of the Roofing companies in Colorado Springs/Denver have performed so consistently well enough to earn our Super Service Award,” said Angie’s List Founder Angie Hicks. “It’s a really high standard.”
Angie’s List Super Service Award 2014 winners have met strict eligibility requirements, which include an “A” rating in overall grade, recent grade, and review period grade; the company must be in good standing with Angie’s List, pass a background check and abide by Angie’s List operational guidelines.
Service company ratings are updated daily on Angie’s List. Companies are graded on an A through F scale in areas ranging from price to professionalism to punctuality.
Angie’s List helps facilitate happy transactions between nearly 3 million consumers nationwide and its collection of highly-rated service providers in 720 categories of service, ranging from home improvement to health care. Built on a foundation of authentic reviews of local service, Angie’s List connects consumers directly to its online marketplace of services from member-reviewed providers, and offers unique tools and support designed to improve the local service experience for both consumers and service professionals.
If your home was damaged by wind or hail and an insurance claim was filed, you will most likely have Recoverable Depreciation to secure from your insurance carrier. While this creates an extra step for you and your contractors, it is a necessary safeguard for the insurance companies to ensure the work is completed.
Most insurance companies allow 365 days from the date of the storm, or loss, to recover the depreciation on an open claim. This means that if the storm occurred on May 21st, you will have until May 20th the next year to submit all your invoices to the insurance company for reimbursement and recovery of the depreciation they withheld on the initial payment.
Some insurance companies differ from this window of opportunity. State Farm currently allows two years to complete repairs and submit invoices in order to recover the depreciation. You must be careful of price increases from the time of the initial claim if choosing to wait that long to complete repairs. Waiting could result in insurance supplements or out of pocket expenses on the part of the insured, depending on the contractor you have hired. While Integrity Roofing and Painting, LLC is happy to supplement for price adjustment, not all contractors are comfortable dealing with insurance companies.
Some insurance companies only allow 180 days to complete repairs and recover depreciation. If you have Travelers, you will want to check with your claims office to confirm your time limit. Extensions can be made available if you contact your insurance company before the 180 days have lapsed.
You can check your adjuster’s claim summary for the exact number of days allowed on your claim. It will be listed in the paragraph section of the claim. If you do not see it, call the claims office to find out for sure. It is worth a phone call to clarify. Most insurance companies will allow for extensions if you are proactive in letting them know before the cutoff date that you will need one.
Feel free to contact our office if you need more information on this topic. We are happy to help!
Severe thunderstorms, high winds, flooding and hail have been the norm this spring and summer. Many of us have been affected by damage done to both commercial and residential structures from Ft Carson to Ft Collins.
If you live or own a commercial property in the Colorado Springs or Denver Metro Area and your roof was impacted by this storm, it is critical that you have it inspected. Hail damage can cause leaks immediately or in the future, depending on the size, texture and velocity of the hail and how long the storm lasted. Leaks can be compounded by high winds and snow accumulations in the late fall and winter.
Call us today to evaluate the extent of the damage done to your roof and provide to you a free estimate. Check us out with the local BBB and Angie’s List! We are a local company serving our community in multiple ways. We would love to serve you!