Dealing with Insurance Claims
Filing a claim is not a difficult or scary process. The process begins with a simple phone call to the insurance company. You just inform the person on the phone that you would like to file a hail damage claim. They will ask a few identifying questions, and take your information. An insurance adjuster will be assigned to your claim, and will contact you to set up an appointment. Let us know when the adjuster is coming, and we’ll meet them there to represent you!
You cannot be penalized for a storm damage claim, however, the reality is that a hail storm causes damage to an entire area, which will likely result in increased premiums for all homeowners in the area. Since your rates will likely increase, it makes sense to take advantage of the coverage provided by the insurance company.
As much as we would love to say “yes, the insurance is only looking out for you”, the reality is that the insurance industry is a for-profit industry. At the end of the day, while the insurance company is obligated to pay for damages to your home or business, they are also obligated to the company, to the shareholders, and to the employees to remain profitable.
Hail doesn’t skip houses hail blankets an area. It is very unlikely that your neighbor would have damage, yet your home or business would not. If your claim has been denied, give us a call. We’ll come inspect the property, find any damage that is there, and walk you through the next steps. If the claim was denied, that’s not the end of the story. There are other steps we can take to help get your property restored.
Steps in the Process
Below are the thorough steps that we go through to make sure that your home is restored to the way it was BEFORE the storm:
We inspect the entire property for damage
We assist you in filing a claim with your insurance company
We meet the adjuster onsite to inspect
We review their report for accuracy and completeness
We supplement for items missed from the original report
We review the final report with you and schedule work to be completed
We get to work performing the scheduled repairs
Once the work is complete, we submit to the insurance company for the final depreciation
How the insurance company pays for the work to be performed
As your home or property ages over time, the value of the items that are installed on your home (such as roofing materials) decreases over time. This decrease in value over time is called “depreciation”.
Actual Cash Value (ACV) is the value of the damaged / aged items installed on your home or property.
Replacement Cost Value (RCV) is the actual cost of replacing those damaged items.
The insurance company will pay out the Actual Cash Value (ACV) first, and once the work is completed, they will pay the difference (depreciation) that was held back. The sum of the Actual Cash Value + Depreciation = Replacement Cost Value (RCV).
Depreciation is the amount that the damaged / aged items installed on your home have decreased over time. This value is calculated by the insurance company based on the age of the items installed (such as roofing materials).
Most insurance policies are Replacement Cost Value (RCV) policies, which means the insurance company will pay for the cost to REPLACE the items, not just their current value. The difference in these amounts is typically held back by the insurance company until the work is completed, at which point it is released to the homeowner to pay the remaining balance for the repairs.
Once a claim has been filed, and an adjuster has confirmed the damage, the insurance company will begin the process of paying for the repairs to your property. The first payment that is made is the owner’s deductible, which is simply deducted from any amount to be paid by the insurance company. The insurance company will then calculate the total replacement cost of the items to be replaced, and will deduct depreciation from this amount. The amount remaining, to be paid by the insurance company, is the net claim amount. This amount is equal to the Actual Cash Value (described above) minus the owner’s deductible. Upon completion of the work, the insurance company will release the depreciation to the owner to complete payment for the work that was performed.
Our Customers Say
Aaron Gaunt with Prauss Construction is amazing to work with! The company is qualified and my #1 choice to refer to my clients – as a top producing Realtor it is so important to have a contractor you can trust. They also helped replace the roof on my own house- the level of professionalism and customer service can’t be beat! They kept it stress free for me, worked with insurance and handled all the details. The roof was replaced in a timely manner and everything kept very clean. I can’t recommend them enough!
This company was so helpful when we had the big 4″ hail in Highland Village, TX. I couldn’t believe what all was messed up and when I talked to Praus, they came out and explained everything so well. They helped me understand the process of getting my roof fixed and all the other damage. Decision-making was much easier. Then when it was “new roof day”, they were so efficient in how quickly the process was going and what a great job they did!!! They are so professional and knowledgeable.
We used Praus for our home construction needs after a 2017 hail storm. John from the Praus team was fantastic and walked us through the entire process…from dealing with our insurance company to ensuring we we comfortable with all of the work completed. John was available day or night (and even weekends) to answer any questions. The team did quality work and I would highly recommend Praus and John for any home construction needs.
Fantastic company. Local as well. They made the process so easy, without any worries or hiccups along the way. None of this would have been possible without Project Manager Scot Campbell who oversaw the details of the roof replacement, ensuring there were no issues. Scot did an incredible job and I haven’t had any issues with the roof since. In fact, the new roof is better than the old, high-end builder roof. I would use them again without question. Thanks!
Praus Construction representative Michael Geddie was very professional in his handling of the hail damage repairs to our home which we experienced as a result of the hail storm of March 2017. Due to circumstances of being away at the time of the re-roofing, Michael provided photos and messages via text keeping us up to date. Michael’s personal involvement with our insurance claims adjuster and us was top notch service few contractors provide. FIVE STAR SERVICE!