Hail Claims

by admin in Homeowners Insurance at July 18, 2012

Attn: Homeowners in Grand Prairie, Arlington, Mansfield, Cedar Hill, Irving and the rest of the state. Be sure and check your roof for hail damage. It has been over a month since we received massive hail damage in the Dallas/Ft Worth area. Since that time the estimated Insurance costs have reached as much as $2 billion dollars.


When we receive hail damage of this magnitude, the insurance companies become extremely busy and back-logged. Be patient with them and have yourroof checked out.  Also be sure and check your policy for the right amount of coverage. There are two major types of policies that are in place. There is an actual cash value(ACV) policy that pays you the current value of your loss. Then you can also purchase a replacement cost value(RCV) that will pay you the current value of your home then give you another check for your full replacement of the home. The RCV’s tend to be more expensive but not always. The important information to know when deciding between the two is the current building cost. Currently, most insurance companies are using $85-$95/square foot. Meaning if you have a 1200 square foot home, you should be insured for at least $100,000 – $115000.


Also, with an ACV policy concerning a roof claim, you need to take into an account the age of your roof. If you have a 20yr old roof and receive damage, you will not receive compensation for a brand new roof. The roof will be depreciated to its 20 yr old value. The home itself tends to hold it value so you should not be too concerned with age or replacement value.  The roof is the most common loss that occurs.


If you have questions about your policy, do not hesitate to contact me through here on the website or at the office.