After the Storm: Dealing with Hail Deductibles

Hail is no laughing matter. It can do quite a number on your roof and there really isn’t much you can do to prepare for it. You’ll most likely need to call Hopatcong NJ roofing contractors to patch things up for you after the storm. There’s just no avoiding it when you live in a hail-prone area. You know what else is unavoidable? Hail deductibles.

In recent years, hail has become a real problem for insurance providers. In 2011, 46% of all claims filed in the U.S. involved hail damage—10% up from the previous year. To keep insurance premiums from climbing and protect their businesses, insurance companies began to include hail deductibles in their policies. These deductibles placed a portion of the cost of hail damage repairs back on homeowners’ shoulders.

These kinds of deductibles are really nothing new, but some areas have only just begun to enforce them. But the thing is, you took out an insurance policy so that you could have reliable financial help when needed. Hail deductibles don’t negate the benefits of insurance policies, but let’s be honest: it’s still money out of your pocket. So here’s what you need to do:

• Read your policy. Most policyholders are aware of the existence of deductibles, but not everyone knows how they’re computed. Go over all your insurance paperwork so that you know exactly what your share will be (usually 1% to 5% of your coverage). Do not overlook the fine print!
• Talk to your agent. If you have questions or concerns, voice them out as early as possible. Don’t wait until you need to file a claim before you iron out the details with your insurance agent.
• Save. Again, there’s just no avoiding that hail deductible, so it’s a good idea to leave room in your savings for such an eventuality. Talk about saving for a rainy day! A good understanding of your insurance policy will clue you in on how much you should be setting aside monthly or quarterly. Start early and spread things out a bit to make saving more manageable.

Up and Above Contractors has been leading the list of Sparta NJ roofing contractors for more than 20 years now. If you’ve got hail damage, we’ll be happy to assist you not only in restoring your roof but also in documenting and filing your insurance claim. Schedule a free in-home consultation today!