When your roof is damaged, filing an insurance claim for an insurance roof replacement is often the first step. After approval, your insurance company will send a check to help cover the costs. We recommend cashing the check right away and putting it into a separate checking or savings account while you work with a reputable contractor to help get the project started.
Wright at Home Roofing & Exteriors recommends cashing the check and putting the money into a separate checking or savings account if possible. Using those funds for anything else could leave you with unexpected out-of-pocket expenses, so it’s best to ensure the roof replacement is handled properly before moving forward.
1. Insurance Checks Are Often Just a Portion of the Total Cost
Insurance companies typically issue payments in stages. The first check is usually an initial payment based on an estimated cost of repairs, which may vary depending on your policy. For some policies, this could be based on the Actual Cash Value (ACV), factoring in depreciation. For others, it may be closer to the Replacement Cost Value (RCV), which is the amount needed to fully replace the roof.
Once the work is completed, the insurer typically releases the remaining amount to cover the full cost (minus your deductible), which may be a significant portion of the total.
For more insight on ACV vs RCV, check out our other blog post.
2. Failure to Complete the Work Can Lead to Claim Denial
In some cases, failure to complete the work can lead to a denied claim in the future. Many insurance policies require that the work be done within a certain timeframe to qualify for the full payment. If repairs or replacement are not completed, the insurer might deny the second payment or even cancel the claim.
3. Home Value and Liability Concerns
An unfinished roof repair can lead to leaks, structural damage, and mold, which can worsen over time. Additionally, an incomplete roof replacement could decrease your home’s value if you decide to sell, or worse, make you liable if further damage occurs. You can learn more about how your home’s exterior affects resale value here.
4. Protecting Your Insurance Premiums
If repairs are delayed and your roof remains in poor condition, your home could be seen as a higher risk, which might increase your insurance premiums or cause the insurer to drop your policy. Completing the roof replacement promptly helps protect your home and your wallet.
5. Work with a Trusted Roofing Contractor
Once you receive the insurance check, contact a licensed contractor, like Wright at Home Roofing & Exteriors, to handle the job. A reputable contractor will guide you through the process, ensure the work is completed properly, and help with proper billing to your insurance company to ensure you receive all entitled payments.
6. Peace of Mind
Completing the work not only protects your home but also gives you peace of mind. Roofing issues are stressful enough without worrying about unfinished repairs or potential complications. By following through, you ensure your roof is fixed correctly and safely.
Trusted Roof Replacement | Wright at Home Roofing & Exteriors
Cashing that insurance check may feel like a financial windfall, but it’s essential to remember that the payment is intended to cover the cost of essential repairs to your roof. Without completing the work, you risk losing out on critical additional payments, potentially facing claim denials, or even decreasing the value and safety of your home.
Work with a trusted roofing contractor, like Wright at Home Roofing & Exteriors, to ensure your roof replacement is done properly. This way, you’ll avoid complications and ensure your roof protects your home for years to come. Homeowners in the Minneapolis metro area can contact us today for a free consultation!
* NOTE: Wright at Home Roofing & Exteriors and its authorized representatives are NOT acting as Public Insurance Adjusters and will not negotiate with insurance on the Customer’s behalf.
This blog is intended for informational purposes only and should not be construed as professional insurance advice. The information provided here is based on general knowledge and experience with roof replacement claims. For specific advice related to your insurance policy or claim, please consult with your insurance provider or a licensed insurance professional.
