Many homeowners have never filed an insurance claim and may be unsure of the procedures involved or the extent of their coverage. Storm related damage might not be detected by a casual inspection. There are specific insurance procedures utilized by insurance personnel, as well as professional roofing contractors alike, to determine what type of damage is plausible for a claim.

Who should I call to report the damage?

Call your agent to report the possible loss and tell them the type of damage that you have and the date of the loss. This will initiate the claim process and you will be given a claim number. An adjuster should contact you within 24-48 hours to inspect the property in question.

Should I let my contractor see my insurance scope of work?

Call your agent to report the possible loss and tell them the type of damage that you have and the date of the loss. This will initiate the claim process and you will be given a claim number. An adjuster should contact you within 24-48 hours to inspect the property in question.

To insure that the scope of work includes all damages and that your needs are met at a price agreeable to the insurance company and the contractor, you should give the contractor a copy of the estimate and authorize the contractor to talk with your insurance company or adjuster.

I have replacement cost coverage and my building estimate and check have been reduced by depreciation and by my deductible amount. What should I do?

At the time of loss you are owed replacement cost value of your estimated loss (RCV) less depreciation and your deductible and any hold backs for roof tear off etc. This figure is called actual cost value or (ACV). When you have completed the repairs, you are to submit a completion certificate and final invoices to your adjuster in order to file for the depreciated amount and any hold backs.

How do I get my mortgage company to endorse the check so that I can pay my contractor?

Call them and ask for the loss draft department and inquire their procedure for draft endorsement as well as lien releases and contractor affidavits. Be proactive and do not endorse the check! Some mortgage companies will insist that you endorse it first and then they keep your money in their account until you submit invoices for the repairs. Avoid this if possible. Venture will assist you with this process by offering our overnight service for speedy turnaround time.