Will my insurance company pay for my roof to be replaced?
Yes, if there is damage caused by an act of nature such as hail or wind.
Does it matter how old my roof is?
It does not matter how old your roof is as far as determining whether your insurance pays or not. However, it does affect how much the insurance company will pay if you have an actual cash value (ACV) policy. We can help you review your homeowner’s insurance policy if you are unsure.
How much do I have to pay?
This depends on the type of policy you have and the deductible listed in your policy. If you have a full replacement policy, your total cost would be the amount of your deductible. If you have an actual cash value (ACV) policy, the insurance company subtracts your deductible from the total amount, and then they subtract a portion for depreciation. Depending on the age of the roof, usually, with an ACV policy, you end up with approximately 50% of the funds needed to replace the roof.
If I get bids lower than my insurance settlement, do I get to keep the rest?
This depends on how the insurance company pays you. Some companies will pay a lump sum at one time, while others will require the work to be completed before they release a final payment. If they pay a portion up front and are holding a portion back until completion, the final bill will be determined by the actual invoice not to exceed the adjusted amount. EXAMPLE: The insurance company says it will allow $3,000 to replace your roof. Your deductible is $500. You will only receive $2,500 if the job costs $3,000. If the job costs $2700, the insurance company will pay you $2,200 total, since your deductible is $500. They only owe the actual amount not to exceed the adjusted amount.