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Should I wait to file a claim?

Absolutely not-  In fact doing so puts you at risk to increase your out-of-pocket expense when you do finally file a claim.  Your policy has language that defines the period of time in which you have to report a loss. Outside of that timeframe, the insurance company is within their rights to deny your claim. This could mean that you would have to wait for another storm event to file your claim here are some of the things that might’ve happened to you in the meantime-


  1.  Since your deductible is based on the value of your home, and since the value of your home has probably risen, your deductible will have increased as well meaning that your out-of-pocket has increased
  2.  Your renewal coverage on your homeowners policy may not be the same as it was in your previous policy. As an example your previous policy may have been written on a replacement cost basis for your roof and your newer renewal policy may be written on an actual cash value or depreciated basis for your roof meaning that now in addition to your deductible you will also be out of pocket The non-recoverable depreciation on your roof-  here’s an illustration to show you the difference in the two policies


On a replacement cost policy for a roof valued at $25,000 with a 1% or $2500 deductible your out-of-pocket expense will be $2500. Now, assume the roof is 20% depreciated which equals $5000 of non-recoverable depreciation in addition to your $2500 deductible meaning that your out-of-pocket on the actual cash value policy is now $7500 or three times what It was with the replacement cost policy

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