Insurance Deductible Inquiry
I’m currently working on a claim for my roof repair and have just been approved for a full roof replacement. However, I received a check from the insurance company that exceeds the total contract amount. I thought I was supposed to pay my deductible for the roof and then receive the remaining funds from the insurance. I still need to complete some interior work, but I’m unsure how to go about paying my deductible, and my insurance company hasn’t provided clear guidance. I want to avoid any issues later on. If anyone can help clarify where my deductible should go, I would really appreciate it. Thank you! Homeowners Choice, Pasco County, Florida.
It sounds like you’re navigating a complex situation, but I’m here to help clarify things for you. Typically, the deductible is the portion of the claim that you are responsible for paying before your insurance covers the rest. Here’s a general breakdown of how this usually works:
Understanding Your Deductible: The deductible is a fixed amount specified in your insurance policy that you are required to pay out-of-pocket before your insurance coverage kicks in for a claim.
Check Amount: If you’ve received a check that appears to be more than the total of your roof replacement contract, there might be a few reasons for this. Sometimes, insurance companies issue the full payment upfront, which includes your deductible. However, they generally shouldn’t pay out more than the total costs minus your deductible.
Payment Process: Usually, the deductible is paid directly to the contractor performing the work. When you finalize the contract with your roofing company, you would give them the amount of your deductible, and they would proceed with the work, billing the insurance for the rest.
Next Steps:
Keep Records: Keep thorough records of all communications with both your insurance company and your contractor, as well as any documents related to your claim.
Consult an Expert: If things remain unclear, it might be worthwhile to consult a public adjuster or an attorney specializing in insurance claims. They can help ensure you’re complying with policy requirements and advise on how to properly handle the deductible.
Remember, the key is to clarify who should receive the deductible payment and ensure you meet your obligations to avoid complications later on. Good luck with your roof repair!