Having a strong roof is an important part of your home insurance policy. If your roof experiences damage, things can get costly very quickly. That’s why it is important to have the right coverage for your roof.
As you research homeowners insurance in Nassau County, NY, keep in mind the complications of filing a roof insurance claim. Replacing a roof is one of the most expensive projects that you may have to deal with. All it takes is one severe storm to cause trouble. Research the process to be aware of what to do if an issue arises in the future.
Does Home Insurance Cover My Roof?
Home insurance does provide some protection. However, it does vary somewhat according to the type of policy that you have. If you have a cheap policy, you will have to pay a higher deductible while filing a claim. You can be reimbursed in different ways according to your policy if you experience a sudden loss. Your insurer will look at your loss settlement option, which describes how your insurer will measure the cost to repair or rebuild your property.
In most cases, roof damage is measured as part of your dwelling coverage. However, options may vary according to the state that you reside in. Speak with your insurer to assess your options.
Your insurer will look at your roof’s actual cash value. When you file a claim, they will use the roof’s age and current condition to assess its actual cash value (ACV). The ACV also factors in the roof’s depreciation amount. Therefore, you may only receive coverage up to your roof’s current value, even if that’s less than the total damage.
Your insurer may also look at your roof’s replacement cost, which is the amount required to repair your roof without considering depreciation. They can also measure the roof’s functional replacement cost, which is the amount it would cost to replace your roof with cheaper materials using methods that are considered antique or obsolete.
Other options include extended replacement and guaranteed replacement cost. These options offer you a safety net if your home is completely destroyed. Many loss settlement options won’t kick in if you simply file a claim for roof damage.
Your Roof’s Age
Home insurance covers you against the threat of an emergency. You are not covered against issues that occur due to natural erosion or poor maintenance. If your roof is in poor shape, filing a claim can cause financial strain, especially when it comes to your roof’s ACV. If your roof is damaged, you will likely have to pay a huge deductible if there is a lot of wear and tear. If you have replacement cost coverage, your premium will be a little higher, but you won’t have to worry about a deductible for depreciation.
Filing a Claim
Once you have started the process of filing a claim, take a moment to let everything calm down. Look for ways to prevent any further damage from happening. Take photos of the damage. Take inventory of any personal items that were damaged. List the time frame that the damage occurred. Contact your insurance agent so that they can inform you of the next steps. Beware of any possible scams. One popular scam involves fraudulent contractors who show up once severe weather moves through the area to point out hidden damage or attempt to create more damage in order to make a sale.
Things to Consider
Before finalizing a claim, ask your insurer about a possible wind deductible. Some insurance companies may cause you to pay a higher deductible if your roof is damaged due to hail or a wind storm. It’s also important to research your insurer’s payment schedule. You should be aware of how the insurance company will cover claims based on different variables.
Consult with Northeastern Group LTD
As you look for the right homeowners’ insurance policy in Nassau County, NY, think about your roof. If you don’t have the proper protection, extensive roof damage could cost a lot of money to repair. The experts here at Northeastern Group LTD will assist you and make sure that your policy includes the appropriate amount of roof insurance. Contact us today to get started!
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