You’re bound to encounter a range of terminology when filing insurance claims. Make sure you understand the terms and what you’re getting into so that you can maximize your insurance coverage.
One of the terms you’ll hear from insurers and roofers is “roof replacement deductibles”, which basically refers to the amount of money you pay toward the cost of an insurance claim. Once your deductible is reached, your insurance company will then pay for the rest. However, this may still depend on what is written in your policy.
Insurance companies often refer to the causes of property damage as “perils.” Homeowners insurance policies are generally created with “all peril” coverage as well as an “extended coverage” clause covering hail and wind among other things. In this type of policy, a single deductible amount is applied to all covered damages. Meanwhile, other policies may cover wind or hail only, or provide a separate deductible for a specific type of damage.
Some roofers may offer to pay for customers’ deductibles or discounts to offset deductibles. Experts, however, discourage this practice. In some states, it’s illegal. Information about your deductible and insurance policy should be between you and your insurer only. Moreover, contractors shouldn’t pay for a homeowner’s deductible.
Other Things to Keep in Mind
Your deductible and other out-of-pocket expenses related to the replacement of your roof may also be tax deductible. However, there are several conditions for this, most of which are time-sensitive. Make sure to consult with your tax adviser during the claims process.
Goodrich Roofing has been in business for more than 70 years. Our team of professional roofers ensure quality roofing in every project so you can rest assured that your home will be protected for years to come. To know how we can help with your home improvement project, call us at (505) 219-4450, or fill out our contact form. We serve customers in New Mexico.