Best Practices For Handling Your Insurance Claim in Denver, CO

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Disaster is a part of life. Severe wind and hail can cause significant damages to your home. After a bad storm it is important to make sure the exterior of your home was not affected. Formula Roofing will be happy to arrange an inspection of your roofing and siding if you are unsure, and provide your insurance company with a letter reporting our findings.
We recommend: 
1. Contact your insurance carrier and identify exactly what is and isn’t covered. Some policies will only offer roof damage coverage up to the depreciated value, regardless of the age of your roof. Other policies will cover the full cost of repairing or replacing the damaged section of your roof at the time of the claim, regardless of the age of your roof. In most cases, your insurance company will send an inspector to your home to investigate and verify your claim. 
2. Do not wait to file your claim. You should contact the claims department of your insurance company as soon as possible and find out how long you have to file a claim. If you don’t file a claim within the allowable time, usually one year, you may end up footing the bill yourself.
3. Inspect your home thoroughly. Even minor damage can cause serious, expensive leaks in the future. A professional inspection will confirm how much damage you have and whether your roof needs to be repaired or replaced. Minor repairs (less than your deductible) can be handled outside of the insurance claims procedure to ensure your coverage is not affected.
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Insurance claims process

If you fear that your roof and/or surrounding property may have been damaged by a storm or other weather-related incidents, contact us immediately for a cost-free, no obligation, comprehensive inspection. One of our project managers will advise you on the proper course of action to ensure your insurance company fairly assesses the damage and compensates you accordingly.

If you have already contacted your insurance company, and have received an adjustment assessing the damage, contact one of our associates and we will guide you through the remainder of the insurance claim repair process.
Our project managers have extensive experience with insurance companies regarding hail and wind-damage claims, and will answer any and all questions or concerns you may have from start to finish. We will communicate directly with your insurance company on your behalf to ensure all assessments are completed according to applicable city and county roofing codes and guidelines. We will provide the building permit and notify the city building department for a final inspection of the repairs.
If your roof replacement is being covered by an insurance claim, in most cases, your policy will pay the replacement cost of a like-kind-and-quality roof. This means that they owe to replace your roof with essentially the same as you had before the covered loss. Frequently, the roof needs to be brought up to current building standards and codes. Keep in mind that building codes, also known as building law and ordinance, are bare minimum requirements. These laws are put into place and enforced by local jurisdictions to protect homeowners from unscrupulous contractors and shoddy construction. Sure, our formula includes adherence to local building codes, but more importantly, we adhere to manufacturer installation instructions while applying our decades of knowledge and expertise.
Considering an upgrade? Tell us what options you would like to explore, and we can present you with our recommendations based on current material options.

Many insurance companies offer a premium discount for impact-resistant shingles. Be sure to ask us for recommendations and confirm discount eligibility with your agent.

How to tell if you have roof damage? 

Homeowners very often make the mistake of confusing deterioration with damages. Understanding the difference will help you decipher between actual damages and regular maintenance. We’re experts when it comes to assessing damages, inspections and claims, and can work with you to make the insurance process easy and stress-free.

Does your roof need replacing? 

Depending on the severity of your roof hail damage, repairs may be a viable option. However, if the damage covers a good portion of your roof, you will probably need to replace the entire roof.

FAQS ABOUT INSURANCE CLAIMS

  • HOW DOES THE INSURANCE CLAIM PROCESS WORK?

    Once you file a claim, an insurance adjuster will contact you to schedule an inspection, or adjustment. They will prepare an estimate for repairs using an industry-standard estimating software, which makes for an open, transparent process. This initial estimate will provide us with the starting point on which to base our conversation and contract for repairs. It is recommended that your Formula representative attend the adjustment.

  • HOW DO THE PAYMENTS WORK?

    The insurance company will determine the initial Replacement Cost Value of repairs or RCV and, based on age and condition, the amount of Depreciation to be withheld. RCV minus depreciation equals the Actual Cash Value or ACV. The ACV less your deductible is the first check you receive from your insurance company, and the depreciation is generally recoverable upon completion of repairs.

  • WHAT WILL MY OUT OF POCKET COST BE?

     Your only out of pocket cost is typically your deductible. The deductible of an insurance settlement is most easily defined as the first dollars paid to conduct repairs. Those first dollars are paid by you, the insured, and your insurance company starts paying after the deductible is met up to any applicable policy limits.

  • WILL YOU COVER MY DEDUCTIBLE?

    Unfortunately we cannot pay or waive your deductible. Senate Bill 38 forbids this practice, and it is considered insurance fraud. Think twice about hiring a company that is willing to break the law. What other compromises are they willing to make, workmanship or otherwise?

  • WHAT IF MY INSURANCE COMPANY UNDERESTIMATES THE COST OF REPAIRS?

    Insurance companies tend to underestimate scope and repair costs. Not to worry, we base our contract price off of the original insurance estimate. This protects you from any unexpected out of pocket expenses, and allows us to work with your insurance company directly to determine the appropriate repair allowance.

  • WHAT IF FORMULA'S ESTIMATE IS HIGHER THAN MY INSURANCE COMPANY'S?

    Our estimate, for the reasons pointed out above, will almost always be higher than the insurance company's initial estimate. Hence, we base our contract off of the insurance estimate and not ours, and we take the responsibility of closing the gap on any differences.

  • WHY DO YOU NEED TO SEE MY INSURANCE PAPERWORK?

    The initial insurance estimate outlines the approved scope of work related to the claim. Think of it as a list of damaged items in need of repair. Invariably, the insurance estimate changes as new information is presented to the insurance company. These changes could include costs associated with building code requirements, additional damages, or labor factors.

  • WHAT IF MY INSURANCE COMPANY ASKS ME TO GET THREE ESTIMATES?

    Generally, this is the type of request that your agent would make, not your adjuster, which likely means you're talking to the wrong department. However, if you have filed a claim and your insurance adjuster is asking you to get 3 bids, keep in mind that this is a suggestion, not a requirement. Our advice is to choose the contractor you want to work with based on reputation, not price. Per state law, the insured has the sole and express right to select their contractor of choice to perform repairs.

  • MY INSURANCE COMPANY OFFERS A DISCOUNT IF I HAVE IMPACT RESISTANT SHINGLES INSTALLED. WHAT DO YOU RECOMMEND?

    It is important to know if there are any trade-offs associated with accepting a discount for an impact resistant shingle. Impact resistant does not mean hail-proof, and the shingles can still sustain functional damage. Some insurance companies will simply not pay to replace an impact resistant roof even if it has sustained hail damage.

  • IF I FILE A CLAIM FOR HAIL DAMAGE, WILL MY INSURANCE PREMIUM GO UP?

    The best person to answer this question is your agent, but here is some insight on the topic: An insurable weather event such as hail or high wind is considered an Act of God, and therefore beyond your control. Whether or not you personally file a claim on your property has less to do with your insurance premium than what everyone else did in your area. If a catastrophic event such as a large hail storm has occurred in your area, then your rates could be affected whether or not you file a claim.

  • WHAT HAPPENS IF I DON'T FILE A CLAIM?

    Unreported damage will not be covered. Hail causes a unique type of damage which may not become evident or problematic for years to come. Your insurance company can deny coverage for damage not reported within a certain period of time, so if you do nothing now and have a problem occur later, you may be left to pay for damages yourself. If there is any question of hail damage severity, let us inspect before you file a claim to help determine whether a claim would be warranted.

  • WILL HAIL DAMAGE VOID MY WARRANTY?

    Generally, yes. Most perils such as a weather event or other catastrophe will void a manufacturer and/or workmanship warranty. Ask about our five year hail warranty.

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