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.

Hail stones damages roof in Denver

The Average Allotted Time to Complete Repairs is Within a Year

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. Considering the recent storms in Denver and Colorado Springs it’s always a good idea to get on the schedule for a roof install with a Denver roofing contractor or Colorado Springs Roofer before the looming insurance deadline comes to a close.

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.

A Small Minority of Insurance Companies Allow Only 180 Days

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!

Write a Comment

Your email address will not be published. Required fields are marked *