Insurance Claims - Should I file one?

Question

Hello BP Community!I bought a property recently which ended up having flooding in the basement. I filed an insurance claim to fix and repair the basement. I am now having leaks on my roof. I had a roofer come look at it and he wants to replace the whole roof saying it has a lot of weather related damage. Should I file another insurance claim for this?I am wanting to buy multiple properties and rent them out. My concern is that I will be dropped by my current insurance or my future properties will have really high premiums due to my past claims. I am using Travelers if that makes a different for anyone.

Jacob Compton · Answer

@Caleb Heimsoth Yeah... Crazy how many people are out there just trying to make a buck by misleading and lying to homeowners. I've dealt with plenty of contractors on this place and 95% of them are just trying to make a buck, not actually help.

Caleb Heimsoth · Answer

@Jacob Compton of course the roofer says you need a new roof.  He’s a roofer.  He sells roofs.

I’d get an independent third party to look at it.  Lots of times people say you need a new roof when really you just need a repair.  I could be wrong but I would double check.

Jacob Compton · Answer

@Justin Sloan Thanks man! I appreciate the feedback. I ended up filing the claim. I was told by my insurance company that claims are property specific so it should not affect my premiums at other properties that I buy so that was my major concern.

Justin Sloan · Answer

@Jacob Compton the insurance company can't drop you "mid term" but they can when your policy comes up to renew. Not sure if you figured out the dollar amount of damage vs. what your deductible is but like I said, having a contractor coming out and assess the damages from a dollar amount standpoint costs you nothing other than your time (free estimates is fairly standard). But in the end if you need to file another claim, that's what you have to do!

Jacob Compton · Answer

I dont think I will be able to tie these two events together. I will need to file separate claims. Still I am just concerned that either I will be dropped or my future premiums will go up for my future properties... I guess my best option is to just call my insurance agent and find out what they say?

Justin Sloan · Answer

@Jacob Compton, yes you should check and see if the proximate cause of loss was the same for both the roof and flooding in the basement (excessive rain / winds etc). Your independent insurance agent should be able to assist you with this process.

In regards to the second part of your question, it sounds like you bought a DP3 policy from Travelers (this is for 1 to 4 family properties). If that is the case, some insurance companies will be able to run a report called CLUE which shows past claims and losses. CLUE stands for comprehensive loss underwriting exchange. It's basically a repository of all insurance companies claims - so anything you file with Travelers will show up in that report.

The best way to go about this is to review your deductible and then have someone come out to your property and provide you with an estimate on damages. Feel free to contact me should you have any questions.

Regards,

Justin Sloan

Brandon Roof · Answer

If by some chance the flooding and roof damage were a result of the same event, such as a series of severe thunderstorms, you may just be able to tack the roof onto the existing claim for the basement.  This may be tricky though dependent of the timeline of these two occurrences.  I would also tend to think that it will be difficult to get the entire expense associated with the new roof covered.  Unless it can be shown that this is a relatively new roof that was a victim of ice damming or a hail storm that affected the surrounding region.  Covering spot repairs may be a little more likely.

Best thing would simply be to contact your insurance provider with the information you have available and voice your concerns.  If you are in an area that experiences a number of flood and storms then your provider may already have expect claims such as this and already have it built into you existing premium.  That's not to say that your premiums won't rise, but maybe your fear of losing coverage entirely isn't warranted.  Best of luck.