Insurance FAQ's

Q. Who Is Responsible For The Deductible?

The homeowner is responsible for paying the deductible. Your deductible is the amount of money a policyholder must pay out-of-pocket toward damages or a loss before their insurance company will pay for a claim.

Q. Can My Roofing Contractor Take Care Of My Deductible?

NO. Florida Law dictates that you the homeowner are responsible for your deductible.

If any contractor tells you differently or offers you some sweet deal then both parties are commiting insurance fraud.

Q. Do I Have To Get 3 Estimates For My Damage Assessment?

NO. We have yet to see an insurance policy that states that this is a "duty after the loss", to provide 3 estimates. The insurance company may request 3, and you can bet they will want you to go with the cheapest and not necessarily the best contractor for you. It is your home, you choose the contractor that you want to repair your home.

Q. Do I Have To Go With The Cheapest Estimate or Can I Choose What Contractor I Want?

NO & YES. No you don't have to go with the cheapest estimate. Yes, you can choose your contractor, just make sure to do your research and make sure the contractor you choose is licensed, insured and has a good reputation along with the certifications to backup their work.

Q. Same Storm, So Why Is My Neighbor Getting A Full Roof Replacement And I Am Only Getting Approved For A Repair?

Storms are unpredictable on where they leave their wrath. No area of a storm will have the exact same amount of hail stones or lightning strikes as another area, even if it’s across the street. Therefore, no two houses receive the same amount of damage from a storm.

Q. Why Is The Insurance Check I Received Written Jointly To Me And My Mortgage Company?

Sometimes you can receive a joint check made out to you and your home mortgage company. Your mortgage company holds the deed to your property and has an interest in ensuring that all major repairs are completed. Contact your mortgage company to see what paperwork must be completed in order for them to endorse your check(s). It is recommended that you contact your mortgage company as soon as you receive your insurance paperwork.

Q. Will My Deductible Be Deducted From My Insurance Check?

YES. Your deductible will be deducted from the checks you receive from your insurance company. You are responsible for paying your deductible to your contractor/s.

Q. What Will My Insurance Claim Cover?

Your insurance settlement and payment is based on your policy provisions, terms and coverage. You should discuss this with your insurance agent. Every homeowner's policy is different.

Q. What Is Depreciation?

Depreciation is the amount by which the value of your home or personal property has decreased in value since you bought it. Depreciation is caused by a combination of: Age (how long ago was the purchase) and Condition (amount of wear and tear or other damage).

Q. What Is Recoverable Depreciation?

Based on this definition, recoverable depreciation is the portion of the depreciated amount that you can get back or "recover" from your insurance company when you make a claim on a policy with replacement cost coverage.

Such claims will generally be paid by the insurer in two parts:

  • The first check will cover the actual cash value (ACV) or depreciated value of the item.
  • Once you have repaired or replaced the item, your insurance company will send a check for the recoverable depreciation amount.
Insurance companies split their payments this way for a few reasons: most importantly, it discourages fraud and gives you an incentive to spend the money on actually repairing your home as intended. Using the first part of the claim payment for irrelevant purposes means forfeiting the recoverable depreciation.

How Recoverable Depreciation Is Paid On A Damaged Roof.
DESCRIPTION AMOUNT
Replacement Cost $12,000
Subtract Depreciation (7 years old / 20 year lifespan = 35%) $ 4,200
Actual Cash Value (ACV) $ 7,800
Subtract Deductible $ 1,000
Net Claim (Initial Payment) $ 6,800
Add Recoverable Depreciation (Second Payment) $ 4,200
Total Claim Amount $11,000
 

Q. How Does My Insurance Company Calculate My Claim Amount?

Firstly, your insurance claim will list all of the areas of your house that were affected and damaged in the storm and will indicate the price for the replacement of the same. Secondly, it will also list your deductible amount (this is the portion of the claim that you are responsible for paying). Lastly, it will indicate the depreciation which, in most instances, can be recovered by you upon completion of your work.

Q. Do I Need To Get A Public Adjuster To Handle My Claim?

NO. You don't need to payout an unnecessary portion of your claim to a Public Adjuster, as it does not make your claim go any faster. Your best option is to hire a contractor who specializes in the work to be performed and who also has the know-how to handle your insurance claim for you. Sun Coast Roofing & Solar provides such a service.

Q. How Do I Know If I Have Hail Or Storm Damage To My Roof?

Most often hail damage is not visible to the untrained eye. Hurricane storm damage can be small or major and it is best to have a professional inspect your roof so you can submit a claim for repair or replacement.