Roof Insurance Claim Process: What to Expect When Filing for Roof Replacement & Repair in Colorado - YouTube

Hi everyone, this is Randy Brothers. Today, we are talking about understanding the insurance claim process.

Now, as a homeowner myself

I understand that filing an insurance claim can be very difficult and kind of a daunting, and

overwhelming task. So my objective here is to help you through that process and help you to understand that process

a little bit better and make a little bit easier.

So the first step is understanding what type of insurance

Policy you actually have. Now, there are two main types of policies that you'll see

most of the time and the first one is called an Actual Cash Value policy or the

ACV only policy; and the second one is called a Replacement Cost Value policy or

RCV policy. So an actual cash value policy is less common than the replacement cash value policy.

And they tend to be a lot cheaper.

They tend to also have reduced coverages and

higher depreciation.

Unfortunately with an ACV policy you're also most likely, in the event of a loss,

to incur a lot higher out-of-pocket

expenses, and the insurance company oftentimes only issues one

check and you're responsible to pay the difference on what your actual roof costs.

So the RCV policy, it tends to be a little more expensive.

They also have a full replacement coverage

and a higher deductible. So

What you want to be paying attention to,

is getting a policy that works best for you, but it's really important that you have a policy that actually covers

everything you need to cover when you do have to file an insurance claim.

So with the RCV policy, you also have only one out-of-pocket expense

and that's just going to be your deductible. Insurance covers everything else and most of the time

they issue two separate payments - in order to get you full replacement coverage that you need.

So here is a little

rundown on the actual process itself. So the first and most important thing to do is to actually call and have a professional

inspector come out look at your roof before you file an insurance claim or get an adjuster out.

So you want a professional roof inspection done and then after that professional roof inspection is done,

and they verify that you do have damage,

then you're going to want to file the insurance claim and oftentimes a good quality contractor can help you through that process.

Once you file the insurance claim an insurance adjuster is going to be assigned to the file

and they're going to call you and set up an adjustment. Now, during this adjustment the adjuster is going to

inspect your roof as well as the rest of your property and try to do an initial assessment.

And then what they're going to do is issue you your initial paperwork or your initial

first estimate.

They're also going to give you your first check at this point. Now that first check is not for the entire roof

this is only a partial payment. So once you get those, it's important that if you have a mortgage company

that you actually send that check off to the mortgage company to get it endorsed. You don't want to have a mortgage company

holding up the progress of your part of your new roofing construction project.

Once you've got your check endorsed and the initial paperwork from the insurance company now. It's time to get the roof done.

So what a good contractor is going to do at this point is

order the materials and go ahead and get your roof scheduled and build your brand-new roof to the

specifications that that's approved by insurance company.

Now, the next step in this phase is called the Insurance

Supplement Process. Now, this is actually similar to say, a doctor's office. Now,

you know you go to the doctor you have you have some work done, and then the

Doctor's office is going to have a team of people that supplement or

work with the insurance company to verify that all the costs are accounted for. So when it comes to an insurance claim for a

or a homeowner or a home insurance claim the process is similar.

And you actually want to have someone that has a good quality Supplement Department that can verify it make sure one--

that all the components on the roof or the project are accounted for--all the measurements are correct, and that they have everything accurate on

the scope because you want to get everything covered in the event of the one loss that you have.

So the next step, once you get the insurance supplement process done and

Everything is agreed upon by the insurance company (as well as the contractor that you chose); now

you will actually receive that second check or final insurance check, and then you also received a final revised insurance

estimate and scope along with that check.

So once you've received all those things,

it comes down to the point where it's time to close. So at this point you got everything, everything's verified.

It's important that you work with a contractor that really understands this process so they can help you through it as smoothly as possible.

So once all this is complete, you close the job, and you're going to want to get

your final warranty paperwork. Make sure you find a contractor that that issues a good quality warranty to stand behind their work.

Thank you so much to take the time to listen to this video

and if you want any more information

or you want to find out more or get an inspection done on your property feel free to give us a call (303) 296-0361 and

Check our website at elite-roofs.com. Thank you, and have a great day