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My buddy in another subdivision in WF just got the visit from the roofing guy. Dude went up and poked around on the roof. Said he needed a new one.
Had a three way call with the roof guy and his insurance company. Roofing guy quoted him 42K for a new roof (cedar shingles) and the insurance company was like "oh, ok, no problem. Here's 45K"
My buddy made $3K on the deal....I don't claim to understand any of this.
I don't think that is correct.
Your insurance company's initial check is for the current value of the roof. Known as ACV. Unless his roof is brand new, he won't get $45k for it up front. That he can keep. And do anything he wants with.
Insurance will never* pay out more than the invoice you submit. In this case, their scope showed up to $45k.
Unless he submits a receipt for $45k and gets a kickback from the roofing company, he will never see that. That is, of course, illegal and insurance fraud.
One "point of contention" is the roofing company absorbing his deductible. Also very illegal. But done in roundabout ways, ie "$500 for a yard sign reimbursement" etc.
It feels like insurance COs have capitulated and thrown in the towel on these shingles. They are smart enough to realize that they will be raising rates next year to recover it all. When we bought a decade ago our yearly premium was $350. It's over $1000 now and that was with never having filed a single claim. Car or Home.
One "point of contention" is the roofing company absorbing his deductible. Also very illegal. But done in roundabout ways, ie "$500 for a yard sign reimbursement" etc.
Yes - this is why you always see the yard sign for a month outside the storm chaser roof jobs.
Your insurance company's initial check is for the current value of the roof. Known as ACV. Unless his roof is brand new, he won't get $45k for it up front. That he can keep. And do anything he wants with.
Insurance will never* pay out more than the invoice you submit. In this case, their scope showed up to $45k.
Unless he submits a receipt for $45k and gets a kickback from the roofing company, he will never see that. That is, of course, illegal and insurance fraud.
One "point of contention" is the roofing company absorbing his deductible. Also very illegal. But done in roundabout ways, ie "$500 for a yard sign reimbursement" etc.
It feels like insurance COs have capitulated and thrown in the towel on these shingles. They are smart enough to realize that they will be raising rates next year to recover it all. When we bought a decade ago our yearly premium was $350. It's over $1000 now and that was with never having filed a single claim. Car or Home.
*barring some supplemental stuff submitted
You don't have to believe me, I'm just telling you what happened. He even showed me the transactions on his mobile banking app because it was "so baller to cash a 45K check".
Yes - this is why you always see the yard sign for a month outside the storm chaser roof jobs.
Yup. Guy that hit up Heritage was giving 250 if you put the sign up weeks before the work commenced and another 250 if you left the sign up for a month post work.
You don't have to believe me, I'm just telling you what happened. He even showed me the transactions on his mobile banking app because it was "so baller to cash a 45K check".
His roof must've been brand new then. That isn't how it works.
The only thing I can think of, if you aren't embellishing, is the roofer submitted his invoice right then on the three way. If he's only actually billing him $42k, that is insurance fraud, not to mention the roof wasn't even done yet.
Again, I don't know how any of this works. I have never filed a claim on my car, my home or when I rented up in MA. It came up a couple of weeks back at a mutual friend's place (who just had his done by Feastle or whatever their name is) and the third guy was like "chit I had mine done too (different company did it), $42K roof and I made $3K on the deal" and when I was like "how does that work?" he said "I guess my insurance company has a ton of money laying around because of COVID because they sent the check to me after talking to the roof guy for about 2 minutes and the roof guy gave them an estimate of the work with a range, and then sent the check for the upper limit of the estimate and the roof ended up costing the lower end of the range".
ETA - Saw your addition. No the numbers I am throwing out aren't an embellishment. I was floored, because everyone I know that has had their roof replaced its been like 10-12K. Hearing $42K and then seeing the transaction on his phone (because I called BS) left me speechless.
Again, I don't know how any of this works. I have never filed a claim on my car, my home or when I rented up in MA. It came up a couple of weeks back at a mutual friend's place (who just had his done by Feastle or whatever their name is) and the third guy was like "chit I had mine done too (different company did it), $42K roof and I made $3K on the deal" and when I was like "how does that work?" he said "I guess my insurance company has a ton of money laying around because of COVID because they sent the check to me after talking to the roof guy for about 2 minutes and the roof guy gave them an estimate of the work with a range, and then sent the check for the upper limit of the estimate and the roof ended up costing the lower end of the range".
ETA - Saw your addition. No the numbers I am throwing out aren't an embellishment. I was floored, because everyone I know that has had their roof replaced its been like 10-12K. Hearing $42K and then seeing the transaction on his phone (because I called BS) left me speechless.
I'm not saying the numbers are an embellishment, I'm saying the story scenario is. People typically make stuff up or don't tell the whole truth when boasting. It's just how it is.
I'm not saying the numbers are an embellishment, I'm saying the story is. People typically make stuff up or don't tell the whole truth when boasting. It's just how it is.
Possible? I don't typically hang out with people who measure their johnsons by throwing around insurance claim stories.
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