Storm Damage, What Do I Do now?

A Recent Storm, Your Neighbors Roofs are New, You think, did I miss something. 

You see all this roof activity around you or in the news.  

Do Not Get On The Roof!   Its Dangerous up there.  

It easy, walk around your house, look for hail splatter marks on your siding, garage door, windows casing and glazing.  

Also, go to your building services and ask them if there has been any reroofs in your area.  Multiple Roofs close in usually establishes possible local damage. 

Ok, so your personal assessment of storm damage has lead you down the claim recovery path.  

Should you opt for the "Free Roof Inspection"? or Should you File a Claim?

Realize the roofer will get your signature on a contract for the life of your project, so its really not free.

Realize that the Insurance Adjuster, has a job to inspect your home, and save money for his company. 

So what do you do?  

1st - I usually advise people to hire an inspector for an impartial inspection.  It cost money and you are not tethered to a roofer you may not like. 

2nd - Call in a claim, give them an approximate date of damage, and get a scheduled inspection.

3rd - If you feel 100% about a roofer then get an inspection, but do not sign a contract, then call the adjuster.   See our claim numbers for a list of call in numbers for your insurance

He will show up, usually about 20 minutes early and he:

• Will take a lot of pictures, 
• Conduct a full walk around the house looking for collateral damage,  
• Will Validate all your claim info you already gave when you filed the claim,
• Will ask you why you called him, it may feel like an interrogation,
• Will finally go on your roof and gutters and look for damage.  
• 
  
• If he works for the insurance company:
  •  he will issue you a claim or a denial position at that time.  
  • If yes, he will issue you a check and 
  • Will recommend you get 3 bids.  
  • Unfortunately, you are not a pro roofer, do not know building codes, or the insurance claim industry, so this can be a recipe for destruction.   
• If he is an independent adjuster:
  • He will provide you  a quick overview without promise
  • He will not provide you anything final, and you will wait for a formal response from insurance.

If you have a formal response from insurance, now you get to figure it all out. The following is a short list of term explanation. 

• Deductible: This is the portion that you pay for your storm damage. 
• ACV: or Actual Cash Value = What your damage is worth "Today", used worn out, you get penalized for all that. 
• Depreciation: That is the Value that insurance has placed to get your damage to be "Like New" again.
• RCV: Or Replacement Cost Value is the value of Like New so ACV + Depreciation = RCV
• Your Deductible is not part of the ACV or RCV equation. 
• Additional Customers Share: If your policy has this, I recommend highly to get this corrected before you have damage  Its a hidden out for the insurance company to not pay the full RCV.   Most people are not aware they have it, and your roofer will still charge the full RCV.   

Ok so you have the ACV Check (RCV - Depreciation - your deductible).  

Your Adjuster and Your Insurance Agent tell you to get three bids.  

This can be a consuming or daring action depending on the road you take.   

Also, It probably doesn't help but your insurance forgot about an additional 30% of funds needed to get it done right.   

So, you do not have enough funds, and you have a roofer offering you a $3k roof when really its worth $12k.  Something is not going to work out.   

If you need help, build a statement of work by going to Home Depot, and Building Services in Sioux Falls.  

They can help you build a performance plan, or only settle for a roofer that does it for insurance proceeds (RCV + Supplements) You will get a better full roof and make sure you get them to pull and final a building permit.  Its $20

Most People Have Shingle Roofs, in summary the average all-in cost per square for your roof is about $260 per square, the average profit for a roofer is 35% or about $350 per square. 

Materials for Standard Tier 3 Shingles all in are about $140 per square

Labor for Standard Tier 3 Shingles are about $90.00 per square (TamCO, or IKO)

Misc Expenses for typical roofs are about $30 per square

The Average Roof is 25 squares or $8750

If you have a standard Gable Roof, it could be lower like $325 or $8100

If you have a standard Hipped Roof, it could cost you a bit more like $375 or $9375

This does not include complex roofs with lots of facets, more than 1 story, or difficult access. 

This does not include Impact Resistant Shingles, New Decking on Roof Deck, or Custom Shingles