Important Facts That You Need to Be Aware Of

There are several pieces of information that you need to be aware of when you partner with a contractor for your home repairs or any insurance claims. Before you hire a contractor or insurance provider, talk to our experienced professionals by simply giving us a call at 719-355-1842

Learn About Insurance Frauds

Don't be fooled by some of the incentives being offered by contractors in the market these days. Some of these so-called benefits include "sign allowance," "cashback offers," or some other method to cover your deductible. These offers are now categorized as insurance frauds. If your contractor sends the final invoice to the insurance company for repair claims without disclosing certain facts, it is possible that they're committing insurance fraud. The information that was hidden may include the fact that the deductible was not paid or that the actual repair cost was below the insurance claim allowance. If you see such sign allowances or coverage of your deductible, don't accept such terms as they represent red flags in identifying insurance fraud. The penalties can be severe when you're inadvertently a part of such frauds, even worse than that of the contractor company that loses its license. Insurance fraud, being a Class 3 Felony, can cost you a heavy fine up to $5000 and possible jail sentence up to 10 years. As a measure of curbing such fraud, your insurance company may require restitution for any monies paid on a fraudulent claim. The bottom line is - you aren't allowed to gain profits from a loss you've faced.

Insurance Proceeds and the Deductible

A certain giveaway that your contractor is probably using low-quality materials to construct your home's roof or exteriors is their readiness to help cover your deductible. As a homeowner, you'll be better off paying the deductible, which is part of the actual repair cost, than cutting corners to avoid paying it. You must understand that insurance companies conduct a lot of research about roofing costs before processing a claim. If your contractor is going out of their way to help cover your deductible, they're probably using inferior products to compensate for that, and you'll end up paying further to correct the bad work.

How Many Estimates Do You Need?

The fact is that no matter what prices you get for your repairs, the insurance company will only pay the actual cost as per their own price list. Some additional costs, such as code requirement expenses, may be covered by your claim. Find out if your contractor will work with your insurance adjuster to ensure that all aspects of your repairs are accounted for in your claim. This will also require your contractor to ensure that the repairs are done to the standards and codes mandated by the insurance provider as well as authorities in your area.

Don't Pay Your Contractor Up Front

Unfortunately, while most contractors are honest, there may be many who are just after your money. There is a good chance that those who ask for full up-front payment will not show any intention of completing your repairs and work on time or to your satisfaction. However, since your contractors also need a financial guarantee, it is usually decided that the homeowner will pay either up to 50% of the original estimate or the deductible part and the first insurance check when the job begins. The remaining payment, or the second insurance check, should be given to your contractor only when you're satisfied with the work.

Do Some Research About Your Contractor

You can mark these off your checklist when you choose Dynamic Exteriors by SHR for all your home repairs and exterior work! Visit our office today and we'll be happy to show you references from our suppliers and satisfied customers over a cup of coffee. When it comes to providing you with our services, we believe that the right way to do it is the only way to do it. We'll be there when you need us, whether it's before, during, or after the project. Feel free to reach out to us if you have any concern about any part of your home that we've repaired or worked on. In case you're planning a project for your home and need help, call us and we'll help you out, along with a full complement of subcontractors for all your needs.