Home and Roof Insurance
When you purchase a property or home, the one thing that you will always need is Home and Roof Insurance. You will be advised of such by a mortgage advisor or your broker.
Most major banks and insurance companies offer roof and exterior insurance which is usually part of a broad home insurance quote that covers other aspects of the home. It is typically done prior to occupying the home.
What types of roof insurance coverage are there?
Every insurance broker varies by product name and the full details of the roof insurance policy. Overall there are two majors types of coverage:
- Prorated Policy. Which basically means that as the exterior of the home ages, it depreciates in value on the eyes of the company that is insuring.
- Full Replacement Policy. There is no depreciation. The benefit of having this? if the exterior of the house lets say is 15 years old when damaged then it does not prorate, and maintains the original value.
What details I should look in a roof insurance quote in Calgary?
You must be very meticulous; every policy can be different. In the case of Southern Alberta you need to make sure it covers hail and wind damage. These are often the most common insurance claims presented by homeowners in the Calgary area.
Just the 2014 Southern Alberta Hail Storm damaged close to 70% of properties in Airdrie alone. Think about that.
How to avoid a roof claim insurance from being denied?
First of course you need to make sure you have the proper coverage. That is probably the single most important point. It might sound obvious but it is often teh source of any dispute or claim denied. The rest is paperwork, but even then you need to make sure to follow the right steps.
There are two very important steps:
1. Record the Date and time
As a Homeowner, you need to first record the date and time of the damage. How do you record it? A video is great or pictures. This is a very important thing to document and present the insurer.
2. Call Your Insurance Company
You need to call the insurance company and report the incident right away. Time is of esssence.
Choosing Your Roofing Contractor
In some cases, it’s the insurance company that will suggest or contact the roofing contractor they work with. However, every homeowner can work with the roofing company of their choice, you don’t have to use your insurance vendor’s suggestion. You technically can use any licensed roofing company.
It is recommended to contact your trusted roofing contractor regardless as they can also provide a second opinion. In many cases, they can act on behalf of the homeowner to get the homeowner the best possible outcome. The initial assessment of the roofing company should always be free.
What is next?
The insurer must approve the quote. The timeline is dependent on the specific situation. A repair or replacement project on average for a standard roof 2-5 days on a standard home. If there is siding involved 1-2 weeks, but again these are rough estimates.
What is full insurance claim management?
Normally in an event, not only the roofing will be affected but the entire exterior and soft metal, and other components of the structure.
A certified roofing company can write up a proper quote that covers everything. Look for HAAG certified inspectors who have the proper training and certifications.