Financial Impact of Hailstorm on Colorado Springs Economy


Colorado SpringsThe overall financial impact of a hailstorm to Colorado Springs may benefit our economy

Most people see the impact of hailstorms and immediately think that it is a negative issue. Yes, it is in fact a hassle but we make roof replacements easy here at Integrity Roofing and Painting. There are many roofing companies Colorado Springs has to offer and we’d love to be your roofing contractor of choice. With summertime we know that roofing companies are swarming your neighborhood with door knocking, mail outs, emails, sales calls, etc. There are many reasons why this is a positive and negative occurrence. I would like to take the time to discuss this with you so you can make the best decision possible when this time of year hits!

Roofer Colorado Springs

Many of us notice that we are having issues after a hailstorm in Colorado Springs and call out the roofer of our choice to have them come take a look at the damages. Your roofer Colorado Springs contractor will then asses the damages on their own or with your insurance companies adjuster to determine whether the roof is totaled and needs a full replacement or just minor repairs.

Insurance deductible

It is important for you to set a fund aside for occurrences like this. Reason being you do not want to be in a situation where something needs to be fixed immediately and you are not able to due to not having the amount of your deductible. By law you are required to pay your deductible. In some cases if you do not asses and fix the damages almost immediately you could have an even bigger situation on your hands that you do not want. So by setting money aside for deductibles you are helping yourself and one of your biggest assets, your home.

Saving money for a new roof

New roof has economic benefitsOne of the items that every homeowner should budget for is a new roof. It’s pretty easy to prepare for this and to know when the roof should be replaced. By setting aside money in a home maintenance fund a homeowner can budget for a new roof when it’s needed. Here’s the catch, if a homeowner had fully funded their roof replacement fund in a hailstorm totals the roof and if the homeowner has replacement cost coverage on their policy than this homeowner had a financial windfall. No longer will they have to pay the total amount for their roof replacement. They will only need to cover their deductible. That’s a financial benefit to their economy.

Real estate value

The condition of your roof is one of the first things buyers notice and appraisers assess. Missing, curled, or faded shingles are not appealing and do not add any value to your home. If your neighbors have added and maintained the appearance of their homes then yours will especially take a hit on value and you will still pay taxes as if your home is as updated as theirs. According to the “2015 Remodeling Impact Report” from the National Association of Realtors, the national median cost of a new asphalt single roof for roofing companies Colorado Springs is about $8,000. Some roofs appear to look a lot better when you remove the dirt, moss, lichens, and algae. Of course, Colorado Springs and Denver roofs do not experience algae, lichens of moss. This information is general and beneficial throughout the country. If you have and issues with moss or algae we do not recommend for you to remove these issues on your own. We recommend that you have a HAAG certified roof inspector come out first to make sure that there are no damages and or issues that need to be addressed before having someone clean. We have Project Managers here at Integrity Roofing and Painting that are Certified HAAG Roof Inspectors and are able to inspect your roof for damage. Primarily in Colorado Springs or Denver we will inspect roofs for hail damage, manufacturers defects and other roof ailments.

Roofers Colorado Springs

 

The number one reason to call roofers Colorado Springs is for safety! You want to make sure that your loved ones are protected from harsh elements. As your roof gets older it starts to deteriorate and it loses it ability to protect the interior of your home from the elements. The elements put you and your loved ones at risk by mold and water damage if you do not get the issues resolved. Water intrusion can also cause the drywall to buckle in and severe damage to the insulation of your home. These can all occur from the impact of a hail storm! Make sure that when you are looking to replace your roof that you are aware of the warranty associated with doing so. Go over Impact Resistant Shingles VS Non Impact Resistant Shingles. You want to make the best educated decision when it comes to protecting your home. Also when purchasing a home you want to make sure that you have certified inspector to inspect your roof so that if there are any severe damages they are addressed before you make such a huge investment.

Insurance Premiums

I’d like to add this thought for consideration, even if insurance providers aren’t directly at fault for any economic crisis, the fallout may result in increased regulations of these necessary financial institutions. Insurance companies are dealing with more government oversight and more complex rules that lead to increased attorney costs. For example, the Federal Insurance Office and Federal Reserve banks aggressively scrutinize any insurance company that has a chartered back as subsidiary. In addition, the federal government has stricter oversight of insurance companies’ board of directors and regulators closely scrutinize the actions of each insurance company’s chief risk officer. At the end of the day premiums will probably rise whether or not you file an insurance claim. This is understandable, if you consider the necessity of the insurer to remain solvent, rate hikes must occur no matter what. Insurance companies are not the bad guys. I happen to love capitalism and the ability to make a buck. We truly live in the finest country in the world. Our system may not be perfect, but it works well.

Retail businesses in Colorado Springs may benefit from a hailstorm to the city

Colorado Springs has just as much of a benefit to having roofs replaced as you may have. Reason being, this raises value to the city itself! As an example, when you go on a vacation, would you rather stay in a city that people take care of or one that is run down?

In addition when contractors come into our cities they generate revenue for Colorado Springs by staying in hotels, eating at local restaurants, getting gas and other supplies in your area. So the chain affect of roof replacements and other home improvements are truly a benefit to you and the community that we live in. Contractor’s that are roofing Colorado Springs residential properties after a large hail storm will have a tendency to spend money locally. Let me clarify Colorado Springs roofing companies that live and conduct business in Colorado will most likely spend additional funds in our city for they will have discretionary income.

Premier Roofer for Colorado Springs

Integrity Roofing and Painting, LLC in one of the premier roofers Colorado Springs, CO has to offer. If you’ve been impacted by a Colorado Springs hailstorm contact Integrity Roofing and Painting, LLC.