Here’s how we make the process easy:

Here are some questions you can ask your insurance carrier to ensure you have the lowest out-of-pocket expenses in the event of a hailstorm:

1. What is my deductible for hail damage, and can I adjust it to lower my out-of-pocket expenses in the event that I need to file a claim?
2. Does my policy cover full replacement value, or only actual cash value, for hail damage?
3. Are there any coverage exclusions or limitations that apply specifically to hail damage?

   – How much extra does it cost me to add replacement cost coverage to all my property?

4. Does my policy cover damage to the entire property or only specific parts, such as the roof or siding?
5. Are there any discounts or incentives available to help me reduce my premium costs, such as a hail-resistant roof or storm shutters?
6. What is the claims process for hail damage, and how can I ensure that I receive the maximum reimbursement for my losses?
7. Are there any preventative measures I can take to reduce the risk of hail damage, and will taking those measures impact my insurance rates?

By asking these questions, you can ensure that you have the right coverage in place and take steps to minimize your out-of-pocket expenses in the event of a hailstorm.

Due to laws set by insurance carriers, a general contractor is unable to speak to your policy coverages, so confirm which coverage option you have with your insurance carrier if you need additional explanation on what is covered and what isn’t.

A replacement cost insurance policy and an actual cash value insurance policy are two different approaches to determining the value of an insured item in the event of a covered loss, such as hail damage. Here’s a brief explanation of each:

1. Replacement Cost Value (RCV) Insurance Policy: In a replacement cost insurance policy, the insurer agrees to pay the cost of replacing the damaged or destroyed item with a new one of similar kind and quality, without deducting for depreciation. Essentially, this policy aims to restore your property to its pre-loss condition. For example, if your roof is damaged by hail, the insurance company would cover the cost of replacing the damaged roof with a new one, regardless of the age or condition of the previous roof.
2. Actual Cash Value (ACV) Insurance Policy: An actual cash value insurance policy takes into account depreciation when determining the value of the insured item. It considers the replacement cost value minus depreciation based on its age, condition, and normal wear and tear. In the event of hail damage to your property under an actual cash value policy, the insurer would consider the age and condition of the roof before calculating the reimbursement. This means that you would only receive the current market value of the damaged roof, and you would have an additional out of pocket cost of its depreciated value.

It’s important to note that replacement cost policies typically have higher premiums compared to actual cash value policies since they provide a higher level of coverage. However, they offer more comprehensive protection and can help you recover the full cost of replacing damaged items. Actual cash value policies, while generally more affordable, may leave you with out-of-pocket expenses to cover the depreciation of the item being replaced.

When choosing between the two, consider your budget, the value of your assets, and your risk tolerance to decide which policy type suits your needs best. Additionally, it’s always recommended to carefully review the policy terms, coverage limits, and any exclusions before making a decision.

In the event of an insurance claim, you typically pay your deductible directly to the contractor or service provider who is repairing or replacing the damaged property. The deductible amount is subtracted from the total claim amount that your insurance company will pay.

Here’s a general overview of how the payment process usually works:

1. File a Claim: Contact your insurance company to report the claim as soon as possible after the incident occurs. They will guide you through the claim process and provide instructions on what documentation is needed.
2. Claim Evaluation: An adjuster from your insurance company will assess the damage, evaluate the claim, and determine the covered amount for repairs or replacement.
3. Deductible Calculation: The insurance company will subtract your deductible amount from the total claim value. For example, if your claim is approved for $5,000 and your deductible is $1,000, you would receive a payment of $4,000.
4. Payment Arrangement: You will be responsible for paying the deductible directly to the contractor or service provider who is performing the repairs or replacement. The insurance company will provide you with the necessary information to facilitate this payment.
5. Insurance Reimbursement: If you have a Replacement Cost Value (RCV) insurance policy, after you pay your deductible and the work is completed, the insurance company will release the remaining funds owed to you for the approved claim amount, which is typically paid directly to you.

It’s important to note that the specific procedures and payment methods may vary depending on your insurance company and the terms outlined in your policy. It’s recommended to consult with your insurance provider to confirm their standard operating procedure and clarify any questions you may have regarding deductible payments during the claims process.