5 VITAL Things You Need to Know About Getting All of Your Homeowner’s Insurance Claim Money From Your Insurance Company

Last year, thousands of homes in Colorado Springs, Fountain, Woodland Park, and Manitou Springs sustained extensive hail damage from two major storms. With the 1-year anniversaries of the June 2018 and August 2018 hailstorms that tore through these areas quickly approaching, there are vital things you need to know. Here’s a list of 5 vital things you need to know about getting all of your homeowner’s insurance claim money from your insurance company:

1. If your home was damaged during one of last year’s hailstorms and you have not filed a hail damage insurance claim yet, how much time do you have to do so? Most insurance companies require you to file a homeowner’s insurance claim within one year of the date of loss.
2. If you have hired a roofing contractor to complete a full roof replacement or make repairs your home, is the work finished? If not, do you need to request an extension from your insurance company?
3. If you do need to file an extension with your insurance company, when do you need to do this and what documentation is required? Recently at Rampart Roofing, one of our customers reached out to us because she needed to request an extension from her insurance company. Her insurance company required her to provide a down payment receipt and a copy of her signed contract immediately or her homeowner’s insurance claim would be canceled. Luckily, we were able to provide sufficient documentation on time for her to receive an extension, but it is important to be aware of your insurance company’s deadlines and requirements. We recommend that you carefully check your homeowner’s insurance policy, read through your hail claim paperwork, and always contact your insurance agent if you have any questions.
4. Does your roofing contractor know about your insurance company’s deadlines?
5. If your work is complete, have you submitted the final invoice to your insurance company? Some insurance companies may not release depreciation without having a copy of the final invoice first.  

The amount of money withheld by your insurance company from the total replacement cost value (RCV) is referred to as depreciation. Depreciation is often calculated based on the age and condition of your roof. If you have filed a homeowner’s insurance claim due to hail damage, it is likely that you will have depreciation to collect from your insurance company once the work has been completed by your roofing contractor. While each insurance carrier’s policies differ, most carriers allow you to recover the depreciation of an open claim one year after the date of loss. For hail-damaged homes in the Fountain, Colorado, the date of loss is June 13, 2018. Homes in Woodland Park, Manitou Springs, Cascade, and the Broadmoor and Skyway areas of Colorado Springs were damaged by hail on August 6, 2018. It is important to be aware of these dates of loss and to be informed of your insurance company’s deadlines and requirements for requesting extensions if needed.

Still have questions? Don’t hesitate to contact Rampart Roofing at (719) 487-7663. Our estimates are always free and our experts are here to help!