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Storms have been increasing in frequency over the past few years, and many of you may experience property damage. When deciding whether to file a claim for hail damage, always be sure that your insurance payout amount will exceed your deductible by enough money to make financial sense. For example, if your house sustained $2,700 worth of damage due to the recent hailstorm, and your deductible is only $2,500, it may not be prudent to file a claim.
Hail of any size can cause damage to a vehicle. If you sustained hail damage to your vehicle, the comprehensive portion of your auto policy will cover the cost to repair any damage caused by hail. This coverage is also subject to your policy deductible.
Many insurance carriers have added a roof schedule endorsement to their home policies. The roof schedule endorsement modifies how a roof is insured. With this endorsement, the insurance company subtracts depreciation from your claim settlement for wind or hail damage. This means that the age and condition of your roof prior to the loss is taken into consideration when a claim is paid. So an older roof loss could be paid at actual cash value as opposed to replacement cost. For example, if the roof is determined to have an estimated lifespan of 30 years and it is 15 years old at the time of the damage, the actual cash value of the roof is 50% of the replacement value, and your home deductible is still also applied to the loss. Additionally, if you are looking for a new insurance company to insure your home, many are declining to insure homes with roofs older than 15 years.
When it comes to roof damage, there are many trustworthy and honest roofers out there. But there are always bad actors. Beware of anyone who tries to persuade you to claim hail damage through your insurance, claiming that your roof is a “total loss” or “must be replaced.” Ask the roofer to provide several photos of the damage and explain their decision about the roof. If you file a claim, trust that the insurance company adjuster is working for you and will determine coverage based on your policy.
UFCU Insurance ServicesTM has put together these additional tips to assist you in filing a claim.
We care about your safety and welfare. You can file a claim with your insurance company by calling the numbers below: