THE "SWADLEY" SYSTEM
Our goal is to maximize your benefit from the insurance company in order to fully restore your roof to the condition it was in before the storm. We do this by submitting an estimate that is within the industry standard. Let’s face it, insurance companies are not in the business of giving away free money. They are in the business of protecting their assets and their stockholders. They are trying to minimize the amount of payout in these types of catastrophic situations. Our job is to protect you as the homeowner by representing you. It’s similar to going to court with an experienced lawyer – we are a professional team of roofing consultants who know the insurance claim process and are ready to go to work for you.
If you suspect that your roof has sustained damage during a recent storm, give us a call and we can help you assess the situation with a free roof inspection. There are things like wind lift (mainly in composition shingle applications) and chadder (clay and concrete tile applications) that are only visible to the trained eye. Hire us to represent you when the insurance adjuster arrives at the home. We will arrive early and mark the damaged areas in order to fully document the storm damage. We will come to a consensus on the assessed damage. We will work up an estimate using the industry standard estimating software ‘Xactimate’. We the wait for approval of the estimate. Once approval is accepted we will start the ordering process and schedule the work to be done. During the repair process, we will make sure that there is no additional damage that may have been missed during the insurance adjuster's visit. If there is any supplemental damage we will document the damage and submit a supplement to the insurance company to receive payment for the additional damage. Once you are completely satisfied, we will collect payment.
Once the claim is filed the insurance company will cut you a check. Follow the example below.
The total claim is $20,000. The insurance will subtract the deductible (which is usually 2% of the insured value of the home). If the home is insured for $200,000 the deductible will be $4,000.
Typically the insurance company will deduct depreciation, which will invariably be 25%. This is usually recoverable if you have an RCV (Replacement Cost Value) policy. We determine this for you by carefully examining your adjustment sheet. If you have any questions about your adjustment sheet we provide you with a free analysis of what your insurance company is contractually bound to pay.
THE FIRST CHECK
In this example the first check will be $12,000. Once the work is complete we will invoice the insurance company for the depreciation (i.e. the remaining $4,000).
THE MORTGAGE COMPANY
If there is still a mortgage on the property the insurance company will make the check payable to the homeowner and the mortgage company if the check is over $5,000. The mortgage company has a vested interest in the property. They will want want to make sure the repairs are made before releasing the funds. Some mortgage companies will want to receive an EIN (Employer Identification Number), a wavier of lien, and a a copy of our insurance policy. We provide all of this and make it all a smooth process. That’s why you should use a reputable company like ours to do your repairs.
HOW PAYMENT IS COLLECTED
Depending on the size of the job, we may ask for 1/2 to 1/3 down upon delivery of materials.