Best Practices For Handling Your Insurance Claim in Denver, CO

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.

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.

 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.

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?

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.

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.

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.

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.

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.

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.

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.

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.