Capital Exteriors & Renovations has highly qualified specialists that are trained in how to identify storm damage. We would like to offer you a free consultation to look for damage and make a recommendation based on our thorough inspection.
The first check, minus your deductible and deprecation, is usually only enough for your contractor to buy materials and get you work started. Often, the first check will be co-endorsed to your mortgage company.
If your check is co-endorsed, you will need to get a signature from your mortgage company before starting the work. If your check is not co-endorsed, you can deposit it in your bank account or endorse it to your contractor.
In a storm environment, with rising material and labor cost, it may also be necessary to file for a supplemental claim to over rising costs. When a supplemental is paid, your insurance company will agree to issue a third check beyond the original claim to help your contractor cover these rising costs.
This check will be issued to the homeowner and may need the endorsement of your mortgage company as well.
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.