You may be asking yourself,
“Why is a roofer trying to give me advice on my insurance?
Shouldn’t I be looking at an insurance company to give me advice?”
We hear you.
But, as a roofing company that works directly with our clients’ insurance companies, we’ve learned a few things about insurance coverage that you should know. Making sure you are covered is the first step to finding out your eligibility for a valid insurance claim.
Make sure your broker is reputable
Let’s be honest. There are a lot of different brokers out there. Some even offer rates that are so low you want to sign the contract right away. But, don’t forget to make sure you’re picking a reputable broker to do business with. A reputable broker will advise you of your liability, or your cost should a claim arise. So make sure to do your research.
Here’s a few things you should be checking:
- How long the insurance company or independent broker has been in business
- What state(s) are they licensed in and does your state has any special exemptions
- Their reputation. It is unusual to find a company with strictly all positive reviews, so be weary of companies that appear “too good to be true.”
- Financial Solidity. Make sure your insurance company is financially sound to protect you financially and provide you with peace of mind.
“An A rating or higher from Standard & Poor’s or an AA ranking or better from Moody’s Investor Service is a good indicator of strength” (according to CNN Money).
Remember that not everyone who sells something is reputable. Make sure you’re making the right decision for the long term and know your deductibles.
Be aware of the deficiencies in your policy
Unfortunately, recently True Group has run into a few clients that have been surprised to find that some important things were not covered in their policies. Ensure that you’re aware of everything that you are not covered for as well as what you are covered for. Finding the right insurance coverage isn’t solely about price, but what you can get for the price that you pay.
Ensure that you’re protecting your property fully, or at least know what parts of your property you’ll be responsible for. You will be liable to pay more in the case of hail or a high wind weather condition; this is especially true if your insurance does not cover these types of damages. These are important things to consider and is the thing most forgotten about by those shopping for insurance.
If you’re here in Florida, make sure that your insurance covers these things; and if it doesn’t, check with your insurance to see if they offer that kind of coverage. Hurricane season is upon us, and it is a matter of time until you’ll be faced with possible damage. Don’t end up blindsided!
Hail, wind, and hurricanes need to be covered
Like we said earlier, hurricane season is coming. Make sure your insurance covers damage from these weather conditions. Your roof is your first line of defense for your property; and, it’s unfortunately one of the things that is forgotten about the most.
This goes without saying, but make sure you’re doing your calculations on price as well. We say this, because True Group has run into insurance companies before that have a deductible of up to 5%. Some customers have even had no coverage at all. This means that the total cost of the roof damages were not covered. The broker never even told them about this!
“A hurricane deductible applies only to damage from storms categorized as hurricanes by the National Weather Service or U.S. National Hurricane Center. A windstorm deductible applies to any other wind damage” (according to Investopedia).
The difference can vary from $500 and up to 5% of the insured value of your building as a deductible. Make sure you know what you have for coverage and make sure you ask your broker the right questions.
- What is my hurricane deductible (for a named storm)?
- What is my wind and hail deductible (for a storm that is not named)?
Hurricanes come with huge amounts of damage, and your insurance company knows that. As stated earlier, hurricane deductibles could cost up to 5%. This may not seem like much; but, if your building is worth $250,000, you are required to pay $12,500 out of pocket for any damage associated with hurricanes. And, more often than not, this damage is from your roof.