Did you know severe weather like hail, winds, and tornados are the leading cause of siding damage? Oklahoma City homeowners can experience a range of issues after a storm, like dents, dings, and even entire sheets of siding being stripped from the walls.
However, homeowners insurance can also help with costs associated with siding damage when the cause is related to vandalism, fire, and other things outside of your control.
But is there anything homeowners insurance won’t cover as it relates to siding damage? Also, what should homeowners know before filing a claim? Read on to get answers and learn ways to make getting siding damage repairs easy and hassle-free!
Siding Damage: What Is A Covered Peril?
Property insurance typically covers damage to the home itself and anything attached to it. That would include the siding, windows, gutters, and others. However, claims to recover the cost of repairs or replacement will only be paid if the cause of damage is a covered peril.
This means that the cause of damage has to be outside of your control. Often called “acts of God,” examples of covered perils include lighting strikes, hailstorms, tornadoes, hurricanes, and other damaging events. Depending on the type of homeowners insurance coverage you have, claims for damage related to vandalism, theft, and accidents could also be covered.
Coverage limits, deductibles, and exclusions can impact claim payouts for siding damage. Reviewing your policy prior to making a claim or getting advice from an expert is always a good idea!
What Isn’t Covered By Homeowners Insurance?
Things like normal wear and tear or lack of maintenance are typically not covered under homeowners insurance policies. An example of this is rotting or water-damaged siding. In the eyes of an insurance company, routine maintenance and inspections would have prevented a widespread problem, and therefore property owners will have to pay out of pocket.
Another thing to keep in mind is that most homeowners insurance policies don’t cover damage that is cosmetic in nature. This means damage affects the visual appearance but does not impact the structure or function. Often, cosmetic damage comes in the form of product discoloration, scratches, dents, and other surface-level irregularities.
Is It Worth Making A Claim For Siding Damage?
If the cost of repairs is higher than your deductible, it may be worth making a claim for siding damage. Getting an estimate prior to making a claim can help you understand and evaluate the costs.
For example, let’s say your claim deductible is $1,000. The estimate you get for siding damage repairs is $750. If you were to file a claim, there would be no payout due to your deductible being greater than the repair costs.
On the flip side, if the estimate is $10,000, it does make sense to file a claim because your deductible is less than the cost of repairs.
Does It Hurt To Make A Claim When Damage Is Less Than Deductible?
The answer is it depends. Some carriers say these types of claims are not factored into renewal rates but industry experts disagree. Homeowners have reported seeing rate hikes a year after filing a claim where the damage was less than their deductible.
It’s always better to err on the side of caution and get a repair estimate before calling your insurance company to start a claim. Not only will this help you understand the cause of damage, but it can help you determine if filing a claim is worth it.
Can General Contractors Cover Deductibles For Siding Damage?
Oklahoma laws prevent contractors from paying a homeowner’s insurance deductible for roofing claims but what about siding damage? The short answer is no; contractors cannot cover the deductible for any claim, ever.
Insurance policies are contractual agreements between the carrier and the homeowner. If the policy states that the homeowner is obligated to pay a deductible to receive a claim payout, that must happen.
But if a contractor wants to pay the deductible for a homeowner, why not let them?
When a contractor “covers” a claim deductible, they are not paying that money out of their own pocket. What usually happens is they overinflate the estimate so that the deductible amount is included in repair costs. This means the insurance company is actually footing the bill. Most states see this as insurance fraud, and homeowners can get in big trouble, even if they were unaware the contractor increased repair costs.
Key Takeaways About Siding Damage Insurance Claims
Having to replace your home’s siding and possibly having to file a claim is never fun. However, understanding your policy, deductible amounts, and repair costs can help you determine what course of action to take.
Have questions or need help from a local general contractor? Speak to one of our experts by calling 405-895-9972 or schedule a home siding repair estimate online!
