One of the most common questions we get asked by homeowners with hail damage is “what a homeowner’s insurance deductible is and how does it affect my claim?” Read on to find out!
What Is a Homeowners Insurance Deductible & How Do They Work?
Most home insurance policies have a deductible, meaning the homeowner pays a certain amount before the insurance company pays any part of the claim. So, if you have a $500 deductible, you’d pay $500 and the insurer would pay the rest of the claim amount. A deductible can be either a specific dollar amount or a percentage of the total amount of insurance on a policy. Not sure what your deductible is? Find it on the declarations (or front) page of your insurance policy.
Are You Required To Pay Your Homeowners Insurance Deductible?
YES! You are required to pay your homeowners insurance deductible. A homeowner’s insurance policy is actually a contract between you, the homeowner, and your insurance company. This policy outlines the responsibilities of each party should an unforeseen event occur (like a hail storm) and a claim need to be filed. In that contract, there is a section that explains what the homeowner is responsible for (deductible) and what the insurance carrier is responsible for (benefits, limits, and exclusions).
Shopping For A Better Roof Price Does Not Save A Deductible
What if a roofer can do the job for $10,500.00 that your adjuster said would be around $12,000.00? Did you just find a way to save your deductible? No. Your deductible comes first. If your job cost you $10,500.00 then your insurance company would only owe you $9,000.00 – there is no financial reward for finding a lower price. The only way a deductible is saved is by turning in a false invoice that reflects the higher dollar amount, not what you actually paid, which would get you in trouble.
Can A Roofing Contractor Pay Your Deductible?
After a hail storm, homeowners are often approached by seemingly legitimate contractors and told it is “perfectly legal” to cover a deductible on insurance repairs. Some roofers make it such a common practice they openly advertise “Free Roof” on yard signs and door hangers. While the offer of an entirely “free” roof may sound appealing – is it legal? No, it’s not.
Have More Questions?
As one of the nation’s leading storm restoration contractors, we have seen and heard it all. If your home or business was damaged by a recent storm and you’re not sure if your roof has damage or how to get the repair process started, we’re here to help! Contact us today for a free, no-obligation inspection to learn more.
