Do you have any thoughts on if I should make a claim of hail damage, or just
pay for the roof myself?
-The roof needed replacing before the hail
-I'm sure the hail caused some extra damage
-I can afford do have it repaired without making a claim
Maybe this is more of an insurance question. Will the claim make my rates
go up so that it's not worth it? I have a $500 deductable.
claim will definetely make future rate go up:(.
how old is the existing roof? lets imagine its 23 years old, with 25
if the roof needs replaced and a brand new roof costs 5 grand they will
divide 5000 by 25 years.... 200 bucks per year
so you might in this case get 400 bucks. if the roof is in visible poor
shape, cracked shingles, loose granules, curled, warped, cracked
flashing etc you will get less. flashing would likely get backed out of
the cost if it wasnt damaged by hail...
in a hailstone shell you have little to gain by a claim... sorry time
for a new roof
It's never dishonest to make a claim like this. He's not
misrepresenting anything by putting in a claim. There was hail, there
was damage. It's then up to the adjuster to figure out what the
insurance company will do.
On the other hand, if the roof really was in bad shape and obviously
did need replacing prior to the hail, I probably would not put in a
claim. And if I was considering doing so, I would carefully read the
entire policy first, because with a $500 deductible, the amount you are
likely to wind up with, if anything, probably won't justify the
likelihood of higher rates in the future.
It may or may not effect your rates now but if you make another claim in the
near future, the combined claims sure will. It will effect your insurance
score, but that may not pan out to a rate hike until later.
Hail damage, at least, is not caused buy negligence or poor maintenence but
a claim shows your house is susceptable to such damage in the future and
unless the storm was a real rare freak, that will cause them to regard the
house as being more likely to make a claim in the future.
Combine a house susceptable to damage and an owner susceptable to making
claims, that's a red flag for them to raise rates.
I suggest you call the insurance company. I called mine and they sent
someone out. I really did not think I had any real damage, although some
neighbors had ripped up screens.
The adjusted asked me to come out and he showed me the damage. They
covered a new roof (original was about 13 years old) and not only did not
get a rate increase the rate went down a little the next year.
My experience almost exactly. Hail did damage that was far greater
than I thought. I did not really expect any adjustment and ended up
with a full replacement less deductible.
Impact on insurance premium was minimal. Increase the next year was
mostly inflationary (higher coverage from appreciation of the
property). The only impact was when I asked the independent agent to
shop all his carriers a couple of years later, he said I needed to
wait a while longer because I couldn't get a preferred rate with
another company within so many years of a major claim. I think it was
Insurance industery TODAY is very different from pre hurricane
Homeownerts USED to be a cash cow, but after 10 of billions of losses
they are very picky.
if the roof was already bad i wouldnt bother
I've lost five roofs to hail. Insurance (same company) covered all five. My
premiums were never increased for my claims. I believe it would be illegal for
them to do so in Texas.
Extensive hail damage in a region can cause a company to raise rates for all
homeowners in that region, regardless of whether they filed a claim.
What you report is consistent with my understanding of homeowners'
insurance; a claim will not directly lead to an increase in premium.
However, an insurer can just decline to renew your policy when it
expires, and as the insurance companies have not been making much money
on homeowners' insurance, some of them have elected to nonrenew policies
based on claims made. The problem is that the standards they apply in
making this decision are not in your policy, so you don't know if they
are going to nonrenew you until it happens.
Its hard to get a good answer to this question as laws vary from state
to state, and policies vary as time passes. So, for example, if I had a
roof replaced by insurance 10 years ago, and my premiums didn't
increase, and my policy was renewed, that doesn't mean that I would get
the same results today, even from the same company.
Fortunately, in Texas, they are available on the web at the Texas Insurance
Commission site: http://www.tdi.state.tx.us/consumer/cb025.html#_TOC5
where it says:
"A company may not nonrenew your policy for weather-related claims or for claims
that were not paid or not payable under your policy"
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