Insurance Claims FAQ’s

When it comes to insurance claims roof damage can be difficult to see and often the signs of commercial roof and property damage can be hidden, hard to find, or develop and worsen over time. Some signs to look for are darkened spots on the roof, knocked off roof granules, and loose or cracked shingles.

Also be aware of more noticeable damage such as water spots or stains on walls, in corners or around windows. Insurance claims adjusters can be quick to deny roof replacements without conducting a thorough investigation.

Most insurance contracts will require you to mitigate to prevent further damage. You should take all the necessary steps to file a claim as soon as possible to prevent further damage to your roof and the interior of your commercial property after getting an inspection done by a licensed and experienced Illinois commercial roofing contractor. Failing to do so could lessen your chances of collecting a settlement for your commercial roof damage claim.

There are two clauses that insurance companies refer to that allows them to hold money back. The first clause is to make sure that you get the work done by a licensed Illinois roofing contractor. Many insurance companies have experienced that, if they give their customer all the claim money upfront, many end up spending it on something else.

The second clause is that they want to make sure that you pay your deductible in full. The insurance companies clauses say that, if the insured party is given all the settlement money upfront, many of their insured customers will try to find a roofing contractor who would repair or replace their particular roof for a “less-than-the-claim” amount.

Most commercial property owners’ policies cover the full replacement value.

The first check the insurance company sends you is usually the “Actual Cash Value” that the roof is worth today with its useful remaining life. Any money that was withheld from that check is called the depreciation and will be paid to you when the work is completed. However, most times, it is sent once you send the insurance company a copy of the signed contract with a licensed Illinois roofing contractor for the work that is specified in the insurance adjuster’s summary report.

If you are in a storm-damaged area, your insurance is going up anyway. If you have a legitimate claim, you should file it after Gold Standard Commercial Roofing completes your inspection and instructs you to file.

Always remember that all insurance companies keep track of all claims filed. We will not recommend filing a claim unless damage exists and is covered under your policy. We never encourage clients to file improper claims.

At Gold Standard Commercial Roofing, we provide free insurance assistance to all clients. We can fully explain your paperwork to you in terms that are easy to understand. We also want you to fully understand your claim and project funds prior to making your decisions on your project.

Explaining claim documents is something we do all the time. Many times, clients do not understand that with replacement cost policies, you will be receiving a second check after completion to recover the depreciation which has been deducted.

Your insurance company may accept a claim for water damage but a viable roof damage claim is unlikely. Most insurance agreements contain a wear and tear exclusion as well as maintenance clauses or points. This means that items at the end of their intended lifecycle, or that have not been properly maintained, cannot be claimed.