The not-so-fun stuff. Shopping and understanding homeowners insurance in Oklahoma can be a daunting task. It's a crucial necessity for living in our state. Here a few tips to maximize coverage for your largest investment. Remember cheapest isn't always best. It's important that you understand your coverages.
Must Haves
1. Full RCV on home and all structures.
2. Law & Ordinance/Code Upgrade Coverage
3. No metal exclusions including Cosmetic or Marring.
4. No Discontinuation Exclusion
5. Lowest, Most affordable deductible possible
6. No Roof Payment Schedule
Q. Will making a claim increase my insurance premiums? I want to wait.
A. An "act of God" itself should not directly cause your premiums to rise. If a large number of claims are filed in your area it could lead to increased premiums indirectly. Most important is that you fix your home as soon as possible to prevent further and more invasive damages.
Q. I just replaced my roof through an insurance claim, and it's damaged again. Should I wait to call in another claim?
A. No. Insurance is there to keep your home whole. There is no limit to necessary claims made. It is especially important if you see leaks after a storm to call us immediately.
Always have a local vetted roofing contractor inspect your home before submitting a claim. We will guide you and document information to present on your behalf for a seamless process. (We get bombarded with fly by night canvassers and out of state storm chasers so please do your due diligence.)
Why? Just like all of us insurance wants to retain as much capital as possible. You have the right to hire or fire any contractor as you see fit, but having us as a representative and advocate for you is the best way to maximize your claim to make your home whole. We also help to avoid any unnecessary hits to your coverage.
1. We will inspect your home to assess damage.
2. We will let you know our position on whether a claim is deemed necessary, or guide you in the way of the best process.
3. If needed we can call the claim in with you.
4. An insurance adjuster will be assigned.
5. Pick a date and time available for inspection and we will be there in person to advocate for you.
6. We will guide you throughout the process.
Q. Should I share my insurance estimate with my chosen contractor?
A. Yes, this helps us understand the scope of the work, and check their estimate accuracy. Insurance prefers us to streamline with their scope. This ensures a quality job and makes the most out of your insurance policy.
Q. I am getting multiple quotes. Another roofing company is quoting much lower. Why should I choose you?
A. I'm a local, lifelong Oklahoman. I stay in constant contact with you through the entire process. I'm transparent and keep you informed. I guarantee a high quality job backed with the best customer service possible. I will check your estimate for accuracy and get the most out of your insurance policy. Being local we can service you efficiently. I can provide many local references. We are proud members of the Oklahoma Roofing Contractors Association.
This may be the most common misunderstanding between homeowner's and roofing contractors I've encountered. Remember, the goal is to make your home whole to ensure safety and beauty. No worries as we will guide you through it all. These listed payments are only in a standard scheduled typical order. It's rarely this easy.
To start, RCV (Replacement Cost Value)+Tax is what insurance deems necessary to recover the home and the amount the contractor should receive plus any *supplements not included in original estimate.
1. Deductible- Just like a medical bill your deductible is what insurance deems as your portion of responsibility towards RCV (Replacement Cost Value). Also, Pursuant to House Bill 1040 approved March 30, 2022 and in effect as of November 1, 2022 we are required by Oklahoma law to collect the homeowner's deductible. Any contractor promising otherwise is out of accordance of the law.
Read more here: https://www.roofingcontractor.com/articles/97659-new-oklahoma-law-restricts-roofing-contractors-from-waiving-deductibles
2. ACV (Actual Cash Value) is the Total RCV less your Deductible, Recoverable, and Non-recoverable Depreciation. Depending on your coverage this is typically the 1st payment insurance releases as a total coinciding with your deductible. If you have a mortgage this disbursement will typically need to be endorsed by you and the mortgage company. The homeowner is responsible for any amounts up to RCV not covered by insurance.
3. PWI and Supplements (ie., Paid When Incurred/Code Upgrades) This payment is released only after work for described items is complete (incurred), and is usually in place for Recoverable Depreciation and Code Upgrade line items listed in Insurance Scope of repairs. Recovery and upgrades must be proven and invoiced to insurance prior to payment release. Once we settle with Insurance they then release payment to the homeowner to disburse to the Contractor.
Example: RCV is $10,000.
Your deductible is $2,500. This is the amount you pay the Contractor before insurance begins covering expenses.
Insurance pays $5,000 through ACV (Actual Cash Value) Payment withholding the final $2,500 for Recoverable Depreciation. This is to ensure that the required work gets completed.
Once the work is completed and settled they will issue the Recoverable Depreciation payment of $2,500 to the homeowner to disburse to the Contractor.
So, $2500 (Deductible)+$5000 (ACV)+$2500 (Recoverable Depreciation)=$10,000 (RCV)
Too often supplement from insurance is accepted as the standard where it should be the exception. Supplements are typically only needed and requested if the insurance adjusters do not include the upgrades in their initial scope of repairs.
Also, unforeseen circumstances can require more invasive work than foreseen by either party. These are additional costs to the contractor that they should recover. It is pertinent to address additional work at time of adjustment, and prior to work start or continuation upon discovery to have a clear understanding with all parties.
These numbers will be in addition to any prior agreements and the amount will depend on insurance settlement. These payments will also be made to the homeowner to disburse to the Contractor to recover the extra expense.
Redhawk Roofing & Restoration
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