No — not if your insurance company is involved. The first payment is collected after the first trade is completed (usually the roof). The first payment includes the Actual Cash Value (ACV) check from your insurance company and a check for your deductible. The remaining balance is due upon the completion of work.
On non-insurance contracts, we require a 40% down payment before work can begin. Again, the remaining balance is due upon the completion of the work.
An average residential roof can be completed in one day. Due to complexity, some jobs may take 2-3 days.
Replacement Cost Value (RCV) refers to the replacement cost of an asset at the present time, according to its current worth.
Actual Cash Value (ACV) is the RCV amount minus depreciation. Depreciation is the deduction based on the age and useful life of an item.
The insurance company issues payment to everyone who has a financial interest in the property. If you are married or own your home with a partner, both of your names will be on the check. This is standard industry practice. Your mortgage company will also be listed on the check. Your bank will not cash the check without the signature of everyone involved. You will need to endorse the check once you receive it back from your mortgage company.
Moss can handle this with your mortgage company for you.
No! You only need to choose a contractor that you trust. If you receive an estimate that is lower than what your insurance allows, the insurance company will pay based on the lower estimate and keep the difference. It is best to choose a contractor that will work with your insurance company to complete the repairs to your home.
Yes! Per Indiana State law, it is illegal for a contractor to assist in the payment of an insurance deductible.
IC 24-5-11-10.5 :
“Sec. 10.5. (a) A home improvement supplier shall not advertise, offer, or promise to pay or rebate any part of an insurance deductible to induce a person to enter into a home improvement contract or otherwise purchase goods or services from the home improvement supplier. Acts prohibited by this subsection include the following: (1) Advertising, offering, or promising to grant an allowance or a discount against the home improvement contract price or against other fees or charges. (2) Advertising, offering, or promising to pay to an insured consumer, or to any other person, any form of compensation, including a gift, prize, bonus, coupon, credit, referral fee, or other item of monetary value for any reason, including the display of a sign or advertisement on residential property. (b) This subsection applies to a home improvement contract that is entered into by a home improvement supplier and an insured consumer after June 30, 2012, and that includes one (1) or more exterior home improvements…”
Moss Roofing offers a 4-year labor warranty on any roof we have completed. This is required by the State of Indiana. Any contractor offering less than 4 years is non-compliant. All other trades have a 1-year labor warranty.
Each shingle manufacturer has their own “limited lifetime” warranty. See your Moss Roofing Project Manager for details.