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Insurance said it's 50/50 that we need a new roof. I interpret that as I absolutely need a new roof but they're going to try to find some reason that I "don't need a roof". They're supposed to be coming over with some drone that can detect the impact spots today. I'm kinda interested to see how that works.
Feedback: https://www.ar-15.co/threads/151613-izzy
The longer you hold out (more time), more depreciation they can deduct once your roof is finally totaled. Saves them money.Originally Posted by izzy
I would ask about premium increases from the claim. Usually a claim here or there won't hurt you individually. We are all paying higher premiums because of all the claims anyway. Even my auto policies are going up considerably.
So if you forgo a new roof you will be paying for your neighbors' anyway.
Why we are still paying for composite shingles, and keep replacing it, in this state is beyond me.
Always eat the vegans first
Maybe it varies by policy, but this was not the case when my roof was replaced last year.
My roof was at least 20 years old. So I figured they'd pay me for at most 50% of the replacement due to depreciation. And the initial check they cut was for about 50%. But once the roof was complete, they paid me the other 50%. So they paid 100% of the roof cost minus my deductible, even with a roof that I had pretty much gotten all the life out of it.
Nah
Last edited by Irving; 06-20-2018 at 11:15.
"There are no finger prints under water."
No sir! It is now an insurance claim Q&A thread.
File a claim and put the money towards some debt?
Lien holder would probably throw a wrench in that plan since their name might be on the check.
"There are no finger prints under water."
Have you ever had one actually check after the work is done?
Once they didn't even care/follow up. Another time a letter from the roofing company was good enough.
I know they send plenty of language once they endorse the check about getting it done, default, fraud, etc, etc, etc... In the mortgage you do agree to keep the home in good repair. I've never wanted to test it but it seems they really don't care.
Ok.
Always eat the vegans first
I have had clients who had a second hail claim two years after the first. The client had pocketed the money after they had sent the check to the lienholder for endorsement. After the second hail claim the client sent the check to the mortgage company for endorsement. The mortgage company held the check and told my client he would need to open a trust account where the funds could only be dispersed to the licensed contractor who had a signed contract to repair the roof.
Here's the fun part. Since insurance had already paid for the roof once and the insured had not repaired it, the second claim pay out was much smaller. It was $3500 short of what was needed to repair the roof. Since the insured had already spend the funds from the first claim, and the deductible had been applied a second time (separate losses mean separate deductibles) he had to come up with $5500 to get the contractor to get the funds for the repair to the roof.
If it's applied towards that particular lien I doubt it.
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