5 Things You Need to Know about Roof Storm Damage & Insurance Claims in Ohio
Roof Storm damage is a common occurrence in the Knox County and Central Ohio area, so it is no surprise that roof storm damage insurance claims are not unusual. Roofs are vulnerable to unusual weather patterns and can be damaged by various issues, including hail, water, windstorms, and snowstorms. However, because roof storm damage claims are so plentiful, most insurance companies have become more proactive in negotiating with property owners and reducing their cost of payment for these types of damages. The property owners often find themselves in an agreement where they'll only have to make one repair instead of multiple repairs due to their claim history. The process will become more accessible for the roof repair company, the roofer, and the insurance company. This article will give you five things that you need to know about roof storm damage insurance claims.
1. Add up all your roof storm damage claims and divide them by the total number of years that you have had your roofs replaced (called your "claim file" value). Divide this figure (called your "Roof Repair Per Claim Value") by the total number of people who have lived in your house during the period that you've had your roofs replaced (called "Households"). If your Roof Repair Per Claim Value is less than your claim file value, you'll need to put more money into the roof repair fund.
2. If your Roof Repair Per Claim Value is greater than or equal to your claim file value, then you have a "good" roof and a healthy RPPV of $12-$15 per year ($120-150). This means that if you are getting at least $12-$15 per year out of the roof repair fund for the next 20 years, then you can leave it there. However, if your RPPV is less or equal to $10 per year ($100), you need to think about increasing it. The longer you wait, the more difficult it will be, and the more time it will take to get your roof replaced and paid off solely on your roof repair fund. Just remember, you won't pay off your roof as fast in this scenario. The quicker you can get a new roof installed for one less dollar and a reasonable amount of time removed from paying off an old roof, then the better it will be for everyone involved when it's all said and done.
3. Your Roof repair fund value is dependent on your RPPV, but that RPPV also depends on some other factors. For example, if you have your roof replaced every 15 years instead of every 20, you'll lose $7-$10 per year ($70-100). If you only replace your roof when there is storm damage, your Roof Repair Per Claim Value will be less, so you should add more money into the fund. If the insurance company pays half or more of the replacement cost on your new roof, then you need to add more money into the fund as well because they will cover half or more of a second repair.
4. The following equation represents the value of your Roof Repair fund: Insurance Company Amount + Original Amount = Total Fund Value. As you can tell, this Total Fund Value is dependent on two items, your Insurance Company's payout, and your Original Amount. The Insurance Company Amount is determined by how much they payout for each claim. The Original Amount (on average) is determined by what percentage of the total replacement cost they pay.
5. As an example, if you had a $20,000 roof replacement job and the Insurance company paid $12,000 toward that roof cost leaving you with $8,000 needed to pay out of pocket, you would add the $12,000 insurance payout to the original amount or in our example we have a total fund value of $20,000 for this roof repair.
Kaizen Contracting & Roofing has decades of experience and knowledge of storm damage and insurance companies. We offer a free inspection to see if storm damage has affected your roof. We welcome you to contact us today!