This form is designed for use between Roofing Contractors and Property Owners and may be executed with either a cost plus or fixed fee payment arrangement. This contract addresses such matters as change orders, work site information, warranty and insurance. This form was specifically drafted to comply with the laws of the State of Oklahoma.
A residential roofing contract with an insurance company is a legally binding agreement that specifies the terms and conditions under which insurance will cover the repair or replacement of a homeowner's damaged roof. This contract is crucial for homeowners who want to receive compensation from their insurance provider for the cost of repairing or replacing their residential roof in case of a covered event, such as storm damage, fire, or vandalism. The residential roofing contract with an insurance company typically includes the following key components: 1. Policy Information: This section outlines crucial details of the homeowner's insurance policy, including the policyholder's name, policy number, and effective dates. 2. Coverage Analysis: This part details the types of coverage included in the policy, such as dwelling coverage, roof damage coverage, and additional living expenses coverage. 3. Covered Perils: The contract specifies the types of events or perils that the insurance company will cover, such as hailstorms, windstorms, fire, lightning, or accidents caused by third parties. 4. Deductibles: The deductible is the amount the homeowner must pay out of pocket before the insurance coverage starts. This section specifies the deductible amount and explains how it will affect the claim settlement. 5. Claims Process: The contract outlines the step-by-step process for filing a claim, including the required documentation and forms. It may also describe the timeframe within which the claim must be reported after the occurrence of the damage. 6. Inspections: The contract may state that the insurance company has the right to inspect the damaged roof before approving the claim. It may also require the homeowner to provide access to their property for these inspections. 7. Contractor Selection: Some insurance companies offer a list of approved roofing contractors that homeowners must choose from. Others may allow the homeowners to select any licensed and insured contractor for the repair or replacement work. 8. Estimate Approval: This section describes the process of obtaining and approving a detailed cost estimate from the roofing contractor. The insurance company usually requires an estimate before approving the claim. 9. Scope of Work: The contract discusses the scope of work required to repair or replace the damaged roof. This may include shingle replacement, decking repairs, flashing repairs, and other necessary measures to restore the roof's integrity. 10. Payment and Settlement: The contract specifies how the insurance company will pay the homeowner, whether it's a lump sum payment or installment payments based on the completion of specific project milestones. It also clarifies any additional payments for temporary repairs, taping, or other related expenses. Some types of residential roofing contracts with insurance companies include the Actual Cash Value (ACV) contract and the Replacement Cost Value (REV) contract. The ACV contract takes into account the depreciated value of the roof, while the REV contract considers the cost of replacing the damaged roof with a brand-new one of similar quality. It's important for homeowners to thoroughly review and understand the residential roofing contract with their insurance company before signing it. They should consult with their insurance agent or legal advisor if they have any questions or concerns about the terms and conditions outlined in the contract.
