Are You at Risk of Losing your Recoverable Depreciation?

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.

Integrity Roofing and Painting, LLC Earns Esteemed 2014 Angie’s List Super Service Award

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.

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 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.

                                                           

How Long Do I Have to Complete My Repairs and Still Recover My Depreciation?

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!

Was your roof affected by one of our recent hail storms in Colorado Springs or Denver?

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!

The Best Time for Roof Repairs in Colorado

It is important to do roof repairs in the correct conditions. So, when is the best time to do roof repairs in Colorado? Well, there isn’t an easy answer for this question, especially in Colorado.
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In short, there is potential to do roof repairs year-round in Denver and the surrounding metro areas. That is not the case when considering the higher elevations in our state, but for the bulk of people concerned, I will speak to the general guidlines for timing roof repairs on the front range (Denver, Boulder, Westminster, Thornton, Lakewood, Aurora, Boulder, Longmont, Louisville, Highlands Ranch, Lakewood, Golden, Arvada, Littleton, and even Fort Collins). The weather here is incredible, that’s why we live here. Although there is a potential for snowfall during the majority of the year, there is also the potential for t-shirt weather in January.

The important thing to keep in mind is that any roof repairs that you are attempting to tackle are best completed in moderate temperatures, and while your roof is dry. That means there is potential for completing these repairs year round, but timing your project in the winter is much trickier. In the late spring, summer, and early fall, determining a day to complete those tasks is as easy as waking up, taking a look outside, and if the weather looks like it is going to be dry, get to work! I would suggest getting to work as early in the day as possible as the weather can change without much warning (trusting television weather people is not alwasy the wisest decision).
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Doing any type of roof work, as I stated earlier, is much trickier in the winter, but it is not impossible. Because the repairs must be completed in moderate temperatures, and while your roof is dry, much more care must be taken when timing the project in the winter. That means, the snow must be off your roof, the temperature must be warm enough (typically over 45 degrees F), and the wheather outlook must be clear (I know, I just said trusting the weather people is not the wisest choice, but here is an exception).

After all of this is considered, planning your roof repairs in the late spring, summer, or early fall is best practice. Keep this in mind, when you are planning your next roof repair. When that time comes around, and you take out your ladder, get your tool belt on, secure a safety rope (so that your legacy does not get you a darwin award), get on top of your roof, realize that you forgot a tool, cannot find it, run to the hardware store, climb back up your ladder (assuming a common gust of wind has not come through and knocked it onto your car, neighbors house, or through a window), and maybe get it finished before the afternoon thunderstorm comes through…please be careful. Or, just give us a call, and we can do it correctly-the first time, and much more efficiently.