Do I have to pay a deductible to replace my hail damaged roof? If you are a home owner and your roof has been damaged by hail, the first question is whether or not it will be covered under your insurance. If it’s not, then you’ll need to pay a deductible before getting a new roof installed.
The roof on a home is one of the most important aspects of protecting not only the interior from water damage, but also preventing leaks in other parts like ceilings. The decision to repair or replace must be carefully weighed against the cost for both repairs and replacements as well as time away from work during either process.
Another thing to consider as well is hiring the right roofing contractor in The Woodlands or in your area to help assist you with your insurance claim.
This blog post talks about what is required of homeowners in this situation and how to make sure that you don’t have any additional hidden costs with your insurance company.
For those who are unaware of insurance claims, you as the homeowner may have to pay your insurance company a deductible when replacing a hail damaged roof or having a hail damaged roof replacement.
In more hail storm prone areas such as the “hail alley” in states such as Colorado, Nebraska, or Wyoming, or cities such as Dallas, Houston, and St. Louis, paying a deductible to your insurance company may be required in order to fix any damages in your roof.
However, if your roof has recently been damaged by a hail storm, it is more common to replace the entire roof than spending money on endless repairs in the future. In this case, you will have to get your insurance to cover for the roof replacement minus the deductible that you have to pay.
For example if your insured property is valued at $350,000 and your deductible is at 2%, you may have to pay your insurance company $7000 in order for them to replace your roof.
In states such as Texas, is it a MUST to pay your deductible according to Texas State Law HB 2102, you can read more about the law here.
Luckily, in the majority of policies you will be able to get discounts on your deductible by paying your premium annually or quarterly. Premiums vary depending on where you live and how many structures are insured per household.
It’s important that you read through all of the details of your homeowner’s insurance and the deductible before signing up so that there is no confusion when it comes time to file claims.
If your roof has been recently damaged by a hail storm (no longer than one year) then you may be eligible to get your roof replacement costs covered by the insurance minus the deductible.
When looking for a roofing contractor, you may have heard that some offer to pay for your deductible, making the roof replacement essentially free, but not only is this risky, but it is illegal in states like Texas.
In the insurance world, the causes of property damage are called perils. Most homeowners insurance policies come with an “all peril” coverage that covers hail and wind damages, which in many cases are the number one reason for roof replacement.
However this type of policy may not give you the right compensation if your roof needs more repairs to additions to be made.
This is a common question that is asked and what we can tell you is that you will surprisingly not save any money by doing this.
According to Texas Law, you must pay your deductible whether if you hire a cheaper contractor or decide to go with the most expensive bid.
By finding a cheaper contractor for the job, you are only saving the insurance company money and increasing the risk of not having a proper roof installation.
When you get your insurance claim for a new roof, generally what you’ll see is several columns with numbers that you may not understand.
On one column will be the RCV (Replacement Cost Value) and another with ACV (Actual Cost Value). For example, an average roof costs around $7,500 in Texas according to txroofingsolutions.com. In this case the RCV will be $7,500.
If your roof is expected to have a 30 year lifespan, and is completely destroyed by hail after 15 years, the ACV will be $3,250, thus the insurance will send you a check for depreciation (RCV minus ACV) for $3,250.
RCV stands for Replacement Cost Value. RCV is the current retail cost to replace your damaged items. ACV is the Actual Cost Value. For example, assume a roof in year 10 of an expected 20-year life is totaled by hail.
The cost to replace the roof is $10,000 Then RCV would be 10,000 and the ACV would be $5,000 (10/20th of $10,000). The difference between the two, $5,000, is the depreciation which is additional funds you will receive. Generally, depreciation is paid after you submit a final invoice.
If you have hail damage to your roof, there are some things that can be done. The first thing is to find the right roofing to contractor to handle your situation.
In many cases if a homeowner has loss coverage for their home’s exterior structure, including siding, windows and doors as well as the garage door opener but excludes their residential roofs from protection, those items would need separate policies with different deductibles applied so that costs associated with these damages could be covered by the homeowner insurances policy without getting into an argument over who pays what portion.
Homeowners insurance in most regions covers hail damage to the structure of your home. However, in areas where hail storms occur more frequently, such as Dallas, Houston, San Antonio, Oklahoma City, etc., insurers are more likely to limit their hail coverage or increase the cost of their policies to mitigate the higher risk.
If you’re located in a state or region where a higher percentage of properties are affected by hail, then check your policy for restrictions.
An increasing number of homeowners insurance policies, especially in regions disproportionately affected by hail, are including “cosmetic exclusions” for their hail coverage. This is also true for policies that offer only a partial roof replacement.
In this case, if you have hail damage on your roof and are being told by your insurance company that the policy does not cover the replacement of your roof because there is no structural damage or foreseeable damages to the roof they might only pay to repair what has been damaged cosmetically, if you’re in this situation and need a roofing company in The Woodlands, then call us right away at (281) 831-5955.
We can help make an appeal with the carrier on behalf of our clients who may be in this situation. We know how frustrating these situations can be so we want to tell you about a few things which might reduce your out-of-pocket expenses when replacing hail damages roof.
When determining the cost to replace a roof after hail damage, the insurance company will look at two main factors:
-The cost of materials for replacement.
-How much water has been absorbed by your home’s interior and exterior walls. If your roof has been affected by a hail storm and you immediately start to see leaks in your home, then this is where your insurance will have to pay you as the homeowner for a whole new roof to be installed.
If you’re wondering how to dispute with them about some other expenses which can be added on top, such as contractors’ fees or extra building supplies we recommend contacting us right away so that our team can help alleviate these concerns too.
Determining whether or not your insurance company will pay you as the homeowner for a full roof replacement on a hail damaged roof, is not always a guarantee.
I hoped you learned more in this article about whether or not you have to pay your deductible to replace a hail damaged roof, please like, comment, or share on social media so that we can keep posting more roofing blogs for you!
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