Filing an insurance claim? You have questions, and we’ve got the answers you need!
Claims Q&A
Q: Does my homeowner’s deductible apply on every claim?
A: Yes. The deductible applies on a per claim basis. If multiple claims occur in a year, a deductible applies each time a separate claim takes place.
Q: What is a deductible and when is it paid?
A: The deductible is the homeowner’s out of pocket expense and is paid to the contractor at the start of the project
Q: My deductible was withheld by my insurance company. Why am I paying this twice?
A: While reading an insurance loss statement can be confusing, you are not paying your deductible twice. The claim total is the amount that you must pay out for the approved repairs. Rather than the insurance carrier sending you the total for you to pay the deductible back to them, you are responsible for paying your deductible to your contractor For example: Claim total is 10,000 Your insurance company pays $9,000 You pay $1000 To equal your claim total of $10,000
Q: Which contractor do I pay my deductible to if I have multiple trades?
A: While there is no right or wrong answer to this, recommendation would be to pay the deductible right away to the first contractor you hire, this ensures you have paid it and all other funds due in the future will be covered by your claim funds
Q: Is it OK for a contractor to waive my deductible?
A: No. A deductible is part of your home insurance policy. It’s illegal for contractors to waive your deductible or help you avoid paying it.
Q: What is O&P?
A: Overhead and Profit is a fee general contractors are able to charge the insurance company to over their overhead and to ensure a profit is made
Q: How long will it take to handle my claim?
A: Every claim is unique, and the length of time it takes to resolve each one will depend primarily on the surrounding circumstances. We will ensure that the process is moving forward and will keep you informed along the way.
Q: I don’t think I have enough damage for a full roof replacement. Should I still file a claim?
A: Yes. Even if you aren’t sure, it’s always a good idea to report a claim promptly. Not all damage can be seen from the ground or is visible to the naked eye. In some cases, events that start out as minor repairs can quickly turn into much more.
Q: What is a supplement?
A: A supplement is an estimate for damages submitted by the contractor for missing or additional required items needed per code that are not listed on the original adjusters estimate.
Q: Why did the amount of my estimate go up after the initial supplement?
A: In short, the additional items that were submitted to the insurance carrier were approved thus receiving additional funds and resulting in the estimate to increase.
Q: Why are you supplementing for more money?
A: The supplement is submitted for items that are already on your property or required by code, the intent is not specifically to increase the claim it is to ensure your carrier is covering all material required to put your property back to its pre-loss condition and meet local and state code requirements.
Q: I received a check from my insurance company, why is my mortgage company on the check?
A: This is very common and nothing out of the ordinary, although we understand it can cause delay and frustration. If there is a mortgage or lien on the property, the mortgage company or lien holder may be listed on any settlement checks. This is because they have a legal interest in your property, although the process is dependent on the mortgage company’s policy.
Have a general question about insurance or claims – send them into Maven, top roofing company in NC, and we will make sure to get them answered.