13 Dec 2016
hail insurance deductibles featured image - man's hands sign a document - Northshore Exteriors

 

We find that many homeowners don’t know the peculiarities of how hail insurance deductibles work.  Knowing about how it all works, and having an experienced roofing contractor will help make a storm disaster a lot less stressful.

The basics

What is a deductible?  Simply put, it’s your out of pocket expenses before the insurance company will be issuing funds for your claim.  It’s your portion of the covered loss.  The deductible is often subtracted from the claim payout. Hail coverage is a part of nearly all homeowner’s insurance policies, but sometimes there is a separate deductible for hail damages.

Separate deductibles for hail started appearing after Hurricane Katrina in 2005.  If you have one, it could be expressed as a flat rate like $1,000 or $2,000, or it could be a percentage of your homeowner’s insurance coverage.

A typical percentage (1-5%) calculation works like this:

If your homeowner’s policy covers $300,000 and your hail deductible is 1%, then out of pocket costs are $3,000.  The same policy with a 3% deductible has $9,000 out of pocket.

The process

Gather your documents – Your roof’s warranty and homeowner’s insurance policy.

Contact – If Northshore Exteriors installed your roof, they will know all the particulars of it. By contacting us first, we can come and inspect the property to determine whether or not a claim is necessary.  Your insurance company will explain the next step of their internal process and needs to be contacted to initiate the repair approval process.

Inspection – Your insurance company will often send insurance inspector/adjuster or contract a photographer to take photos the damage.  You would be at an advantage by sending your claim-experienced contractor out to assess the damages with the insurance adjuster at the same time.

Estimate(s) – Your insurer is likely to require the gathering of estimates from at least one roofing contractor.  

Approval/Denial – Once a claim is approved they will issue a check, usually for the depreciated value minus any deductible. If your roofing contractor is Northshore Exteriors, we’ll do our best to make sure that the amount is fair based on the actual condition of your roof.

Insurance claims are not always paid.  If you have been denied, and do have coverage for the event, you can appeal the denial.  In some cases, your roofing contractor, a forensic engineer, or an attorney can be valuable in making the appeal successful.

Final thoughts

Be sure to read your policy, or contact your agent to find out how your hail insurance deductible works.  Don’t put it off – do it today.

The proper documentation of an expert roofing contractor will act as a mediator between you and your insurance company, ensuring you get the repairs you’re entitled to while protecting them from fraudulent claims.

Finally, if you’re reading this from inside a hail damaged home don’t worry.  We’ve helped countless customers navigate their policy and the process.  Give us a call today at (231) 642-5444 or email us: [email protected]