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Insurance F.A.Q.
I don't see any damage. Why should I have my insurance company come out to my home?Unless the storm produced baseball size hail or larger, you most likely will not be able to see hail damage to your roof from the ground. Even smaller size hail is hard to detect standing on the roof. The best recommendation is to call a company that has professional inspectors, Elite Exteriors. Our inspectors will come out to your home and thoroughly inspect all of your property for any damage. If there is damage, we will give you the proper guidance how to make a claim with your insurance company. If there isn't any damage, you will have that peace of mind that your home is ok. The best part is that it didn't cost you a dime to have us inspect your home, our inspections are free of charge. __________________________________________I have a Contractor that says they will cover my deductible by placing a sign in my yard and calling it "advertising". Does Elite Exteriors offer that same promotion? Elite Exteriors does not cover deductibles. If you haven't already read the pdf on the home page, please take a moment to read how the State is enforcing this deductible policy. From giving estimates and inspecting homes through the years, we have heard from our homeowners that other companies have offered to place a sign in their yard, calling it an "Advertising Promotion" or something along those lines. They offer this promotion to the homeowner, allowing for their business yard sign to be placed in their yard. Typically, an insurance deductible is $1,000 or more. If a Contractor is paying a customer to place their sign in their yard for advertisement purposes and their deductible is more than $600, the contractor must fill out a Federal Tax 1099-MISC Form for the customer, claiming it as income. Most, if not all contractors who have offered this program, have not filed the appropriate paperwork - they have just committed tax fraud. Other Contractors may submit information to your insurance company with false numbers on their invoice to help pay for your deductible, that is insurance fraud. If you sign a contract with them, you also are committing this fraudulent practice.__________________________________________I was told to get 3 estimates to repair to my home. Is that necessary for insurance claims? Typically the insurance company will only ask you to get three estimates if: 1) there is a need for a reinspection on your property or 2) they are a small independent insurance carrier (they usually don't operate the same as the major insurances companies).Your insurance company will send out an adjuster to evaluate the damage to your property. He will write a full scope of damage with an estimate to repair your home. This amount is your RCV. This is the amount that they are willing to pay. If another contractor comes in and estimates your project more or less they will adjust the payment accordingly. Your insurance company will write the homeowner two checks in most cases. The first check is your ACV (Actual Cash Value). This check is used as a deposit to get your work started. The second check is your recoverable depreciation. This check is released by your insurance company once the work is done and the contractor has submitted an invoice to the insurance company.Lets say the insurance company agreed to pay $10,000 and you have a $1,000 deductible. Contractor A bid your project at $9,000, Contractor B at $11,000. If your first check was $5,000, then your recoverable depreciation will be $4,000. Unless, Contractor A submits an invoice for $9,000. Now your recoverable depreciation is $3,000. If Contractor B submits an invoice for $11,000, he must explain why his estimate is different. Some homeowners may think by getting an estimate and choosing a contractor that is less than what the insurance company estimated, they won't have to pay most or all of their deductible. As you can see the insurance company sets their payment structure to eliminate this from happening. There is no benefit for the homeowner to go through the hassle of getting estimates, only to select the contractor that is right for you. Elite Exteriors' professional team of skilled tradesmen know this industry better than most. __________________________________________I don't want to make a claim with my insurance company because I was told that I could be cancelled if I make more than two claims or my rates will go up. Is that true?The insurance industry is mandated by state and federal laws. It is unlawful for your insurance company to cancel or not renew your insurance policy due to natural causes such as hail, lightning, or wind. (Minnesota rule 2008.0200) They cannot raise your rates as an individual. However, they may raise your rates as a whole (i.e., your region, your state, etc) because your neighbors are making claims and getting their homes repaired. You pay a premium every month for homeowner's insurance, don't be afraid of taking care of your home. You have two (2) years from the date of loss (storm date) to make your claim. __________________________________________I received an estimate from another contractor and they came in $1,000 less than the insurance company. That will cover my deductible with no out of pocket expense. Why would I use Elite Exteriors if you said you are going to work with my insurance proceeds? Then I will have to pay for my deductible.This is the most common issue we face in this industry. If you are working with a contractor that is willing to do this, this is concerning and you should be very cautious. First, it sounds like that contractor is not educated with the insurance industry. You will still end up paying for your deductible when your final payment is due to your contractor. This is a strategy that is common to get your business. Your insurance policy is most likely an RCV policy (Replacement Cost Value). If your insurance company assessed your roof replacement to be $10,000, they will depreciate your first check (ACV - Actual Cash Value) based on the age of your roof. If it is 14 years old, your insurance company may depreciate this by approximately 50%. Your ACV check will be $5,000. The depreciation (or final check) from your insurance company is $4,000. This is called recoverable depreciation. You have a $1,000 deductible. If you total those items, you will arrive at $10,000, your RCV. Once the work is completed, an invoice must be sent to your insurance company for the total contract amount. If the other contractor agreed to work with your insurance proceeds, and they falsify this amount, that is fraud. If they are $1,000 less, they must submit that number to them, and your insurance co. will also adjust their numbers. Your insurance company is always going to adjust the recoverable depreciation based off of your deductible. RCV $10,000ACV $5,000Recoverable Depreciation $4,000Deductible $1,000__________________________________________I have been with my insurance company for years. I know and trust that they will treat me fairly. Why do I want Elite Exteriors out here with my insurance company?You may have developed a great rapport with your insurance agent. But the individual that is coming out to evaluate your property damage is an insurance adjuster that has been either hired independently or works directly as a staff adjustor with your insurance carrier. If you had 10 adjustors assess your property, you will get 10 different answers. Our intent is not to do the insurance adjuster's job, rather to give our professional opinion of what should be replaced from the damage caused by the storm. __________________________________________ Why did my insurance company put my mortgage company on the check to get the repairs done to my home?Your mortgage company has vested interest in your home; therefore your mortgage company has certain guidelines that the insurance company has to follow. Every mortgage company is different. Typically any storm damage claim over $10,000, the insurance company will be required by law to put the mortgage company on the check. In this circumstance, we will be more than happy to assist you. There are many forms that the morgage company will require for both the homeowner and contractor to fill out. We try to make this as hassle-free as possible.__________________________________________I want to hire a contractor that is going to replace ALL my damaged items including soffit, fascia, pressure washing, staining, air conditioning, garage doors, etc. Does Elite Exteriors do that? Yes! Elite Exteriors is a great choice for your home restoration. Our company is set up to take care of ALL your exterior needs.__________________________________________Do you use subcontractors? Yes, most General Contractors and Remodeling Companies utilize subcontractors. Most have been with Elite Exteriors for years. We check all our subcontractors out with the Minnesota Secretary of State and DOLI (Minnesota Dept. of Labor & Industry). Companies that say they have employees doing the work, most likely are "truck and ladder" companies that are small enough to stay in business today; but most likely will not be around tomorrow.__________________________________________ What type of products do you install and what warranties do you have?We are able to install basically any products from any manufacturer that you are interested in. We have a 10 year workmanship warranty for all our trades, with the exception of painting and staining, which is a 1 year warranty.__________________________________________How long does the insurance process typically take?The insurance process usually takes 4 to 6 weeks on average, depending on your insurance and/or mortgage company, it can be more or less. Once we receive your ACV check; Elite Exteriors can get your work done efficiently within 1-2 weeks, plus or minus the extent of the job. We want your home to be restored as quickly and accurately as possible.
1513 Southcross Dr W, Suite A, Burnsville MN 55306
651.688.7808
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