Your insurance company may also hold back depreciation funds. Depreciation is the amount of your settlement that is not paid until the allotted repairs have been made. Most policies are for full replacement cost minus your deductible. If you are not sure, ask your insurance claims specialist. The depreciation check is usually only issued after you or your contractor submit a final invoice.
If you do not use all of your depreciation to get you home fixed, your insurance company will subtract your deductible from the final lower-priced invoice rather than the total claim original allowed.
After the final invoice is submitted, your insurance company, and sometimes your mortgage company, may want to do a final inspection to be sure that all of the work has been completed before releasing the second depreciation check to you.
Your deductible is the portion of your claim that is not covered by your insurance company. In some cases, the deductible for your roof may be different that the deductible for the rest of your home. Check your policy or call your insurance agent to clarify any questions you may have.
While you are responsible for your deductible, Capital Exteriors & Renovations has options to work with you and help you take care of your home. Even if you have a large deductible, we can help you get your roof replaced.
Capital Exteriors & Renovations will walk you through the claims process step-by-step and handle all of the hard work to make sure your home gets all the attention it needs.