On Sept. 22, 2013, a large hail storm wreaked havoc in the La Plata County area. Most of us remember that storm vividly. Although hail is not a new sight in our area, the severity and intensity of that particular storm brought significant damage. Cars, roads and homes were damaged.
We are addressing this issue now, as the one-year anniversary of the storm is approaching, and that may impact repair coverage through insurance. Because many homes and roofs were damaged, it is imperative for property owners to contact their insurance agents concerning a potential claim.
While insurance companies and policies vary, some companies require a claim to be filed within a year of the incident. Chris McClure at American Family Insurance says this is the case for his company. A claim must be filed within a year from the day of the incident, and then the client has one year to have the repairs completed.
Jay Hwang at State Farm Insurance said State Farms homeowners policy will provide replacement cost coverage up to two years from the date of loss. If it exceeds that time frame, it will only pay actual cash value. So, for example, if a person placed the claim Sept. 23, 2013, (the day after the hail storm) he would have two years to repair or replace the roof and the company will pay replacement cost. However, if the homeowner places the claim on Sept. 23, (one year after the hail storm) he will have only one year to repair or replace.
Both of these agents have seen some claims from this particular storm. Jay mentioned that some people do not realize that damage has occurred until rain exposes leaks in the roof or the sun shows reflection and damages. Both agents recommend contacting a professional roofer to look at the damages.
The damage may also include siding, decking and other improvements to the property, so you may want to assess damage to those areas, as well.
Natalie Rose at Allstate recommends assessing damages as well and even suggests clients consider paying minor damages out of pocket (depending on the deductible and claim size) to avoid raising future insurance premiums. She also recommends taking precautionary steps immediately (if the roof may not be repaired right away) to minimize any further damages and minimize claim amounts.
If your home was damaged as a result of the hail storm, it would be beneficial to take the steps to understand what your insurance company and homeowners insurance policy covers. Chris McClure notes that sometimes clients are uncertain as to what their policy stipulates, especially in regard to replacement-cost coverage, deductibles and actual cash value.
We urge you to have your property assessed for any potential damage, and consult with your insurance agent as soon as possible to determine coverage and deductibles.
If you are like most people, your home is one of your largest assets, and it would be wise to complete the assessment and consult with your insurance agent immediately.
Don Ricedorff is a Realtor at The Wells Group in Durango, and a past president of the Durango Area Association of Realtors. He can be reached at don@durangorealproperty.com.
