Problems with your Colorado roof can be stressful. Reduce the stress and be prepared with NexGen’s % 5 costliest roofing mistakes you didn’t know about.
Don’t miss out! It’s important to understand your insurance carrier’s statute of limitations for filing a claim. Some carriers require one year to file a claim from the date of loss and others require two years. It is important you know the requirements with your specific carrier in filing a claim as they could potentially deny coverage because the claim wasn’t filed within their regulations, and you can miss out on your insurance benefits altogether!
#4 Not Completing Repairs Within Insurance Time Guidelines
Some carriers not only require filing a claim within a year from the date of loss, but they could also require the repairs to be completed in that same timeframe as well. It is important to know how long you must complete the repairs and communicate with your insurance carrier of any possible delays in production or other extenuating circumstances. However, if you delay too long, the insurance may not cover material price increases or release depreciation even if the work had been completed.
#3 Picking the Cheapest Homeowner’s Insurance Policy
Not all insurance policies are created equal. Saving on premiums now can potentially cost you in the future when you need to file a claim. Now, most insurance carriers we work with take great care of their customers; however, from a contractor’s standpoint, there are a few things you should ensure are in your policy otherwise certain exclusions or endorsements could end up costing you in the long run.
– Actual Cash Value Only Policy vs. Replacement Cost Policy: Some carriers are switching to an ACV only policy (more common with wood shake roofs). An ACV policy only covers the use or actual life left of the roof after a deduction of the depreciation. If you have an older roof and an ACV only policy, then more than likely, after your deductible, you’ll pay out of pocket for most of the new roof. Clarify with your carrier the type of policy you have and if you have an ACV only policy. If so, it might be a good opportunity to get a quote for full replacement coverage.
– Code Upgrade Endorsement: If you don’t have a code upgrade endorsement, then you’ll be liable for any new code regulations in your city. For example, some cities are requiring ice and water shield and drip edge (to name a few) to pass new roofing requirements. These additional costs would not be covered by insurance and would be an out-of-pocket expense if you do not have a code upgrade endorsement.
– Deductible: Make sure you are choosing a deductible you can plan for and afford in case you need to utilize your insurance. It’s surprising to us that some homeowners are unaware of how much their deductible is when they file a claim. Some new policies are moving to a percentage deductible, which means your deductible is a certain percentage of your home’s value. With the increase in the housing market, we’ve seen some homeowner deductibles in the tens of thousands of dollars. An appropriate deductible amount is the one you know you can plan for and keep safe in case of an emergency.
#2 Choosing the Cheapest Bid
“YOU GET WHAT YOU PAY FOR!” Buyer beware, when comparing multiple bids and going with the cheapest price, one of two things (or both in some cases) usually happen.
1. The contractor is cutting corners, re-using materials, or taking shortcuts to make the low-ball pricing work.
2. The plan is to Change Order you on the back end of the deal, which means to add onto the original contract for items intentionally (or unintentionally) left off the initial estimate.
To combat this from happening to you, make sure the bid is all-inclusive. Compare apples to apples. If two estimates are dramatically higher than one, the cheap one could be the RED FLAG. Compare bids to make sure they are including the same components, accessories, and warranties. Compare the products used and ask for revisions on the scope of work to match the other two estimates. Read the language in their contract regarding Change Orders and upcharges. Some contracts have extremely vague Change Order terms so ask about potential Change Order items up front. In a lot of cases, choosing the cheapest bid can result in paying a lot more overall. Either the work is shoddy and needs to be fixed, or you get sneaky Change Orders and the final bill becomes way more expensive than the other two bids.
#1 Lack of Maintenance
Lack of routine or preventative maintenance is the biggest mistake homeowners make when getting a new roof! There is a belief in the roofing industry to just “set it and forget it,” which is a costly mistake! All roofs need regular maintenance just like your car needs new oil or its tires rotated; there are components on every roofing system which are subject to yearly wear and tear. These include certain adhesives, caulking, and sealants that should be “freshened” up each year. With Colorado’s elevation and dry climate, the sealants can dry out, crack, and split and can cause a leak, which isn’t covered by insurance or workmanship warranties, leaving you with costly repairs. Preventative and routine maintenance is only a fraction of the cost of replacement or emergency repairs and when you spend $15-$35,000 on a new roof, then it’s imperative to make sure it’s fully functioning each and every year!
NexGen Roofing is a local licensed, bonded and insured, roofing company. Call us at 303-800-8258!