If You’ve Got Questions. We’ve Got Answers!

Insurance checks issued by insurance companies are required to be made payable to multiple parties as mandated by the IDOI (Illinois Department of Insurance). The parties to whom the check is made payable include:

• Customer (the Insured): The primary policyholder who is covered by the insurance policy.
• Multiple insureds: If there are additional individuals listed as insured parties on the effective insurance policy, the check will include all of their names.
• Financial institutions with a financial interest or liens on the property: If there are any outstanding balances on a mortgage or home line of credit, the insurance check must include the names of the corresponding financial institutions. This is not based on the balance of the monthly statement, but rather on the funds owed to the mortgage company or bank. Even if the mortgage has been paid off but the insurance company has not been informed, the mortgage company's name will still be included on the check, which is acceptable. Depending on the type of mortgage loan (e.g., conventional loan, FHA), there are two possible actions that can be taken: - Obtain a copy of the pay-off statement and provide it to both the mortgage company and the insurance company. They will then reissue a check without any additional charges. Send the insurance check to the mortgage company, who will endorse it at no cost. It is important to note that this process may involve submitting various documents, and the review period can take up to two weeks. -It is not possible to contact the insurance company and request a reversal of this requirement. Once either of the above actions has been completed, the insurance company will be aware that the mortgage has been paid off, ensuring a smooth process for future transactions. Informing the insurance company about the mortgage payment at this stage will result in changes to the policy terms going forward. However, for the current claim based on the Date Of Loss (when the storm occurred), the terms of the effective policy must be followed.
• Banks with a home line of credit: If the customer has an open home line of credit with a bank, even if the line of credit has a zero balance, the bank's name will still be included on the insurance check.

In summary, the requirement to make insurance checks payable to multiple parties arises from the regulations set forth by the IDOI. These parties include the insured(s), financial institutions holding a financial interest in the property, and banks with a home line of credit.

In some cases, the insurance company may include the name of the wrong mortgage company on the insurance check. This can occur when the insurance company is unaware that the customer's loan has been transferred to another mortgage company. It is important to note that this issue arises due to a lack of information on the part of the insurance company regarding the change in the mortgage provider. To resolve this, it is advisable to promptly notify the insurance company about the transfer of the loan to ensure that future insurance transactions accurately reflect the correct mortgage company. By providing the necessary documentation and information, such as a transfer confirmation or updated mortgage statement, the insurance company can rectify the situation and issue a revised insurance check with the correct mortgage company's name.

A Replacement Cost Value (RCV) policy is a type of insurance policy that provides coverage for the full cost of replacing or repairing damaged property, without taking depreciation into account. In simpler terms, it ensures that if your insured property is damaged or destroyed, the insurance company will pay for the cost of replacing it with a new item of similar kind and quality, rather than paying you the depreciated value of the item.

To understand it better, let's consider an example. Suppose you have a homeowner's insurance policy with an RCV provision, and your house suffers significant damage due to a fire. If you have an RCV policy, your insurance company will assess the cost of rebuilding or repairing your house based on current market prices, without considering the age or depreciation of the damaged parts.

In contrast, a policy that does not have an RCV provision, such as an Actual Cash Value (ACV) policy, would take depreciation into account. In this case, the insurance company would determine the value of your damaged property based on its current worth in the used market, considering factors such as age, wear and tear, and market value.

Having an RCV policy can be advantageous because it provides coverage for the full cost of replacing or repairing damaged property, which can be especially helpful for items that depreciate rapidly, like electronics or appliances. However, it's important to note that RCV policies may have higher premiums compared to policies that consider depreciation, as they offer more comprehensive coverage.

In summary, a Replacement Cost Value policy ensures that the insurance company will pay the full cost of replacing or repairing damaged property, regardless of depreciation, which can provide greater financial protection for policyholders in the event of a loss.

Yes!

An Actual Cash Value (ACV) policy is a type of insurance policy that provides coverage for the value of damaged or destroyed property, taking depreciation into account. Unlike a Replacement Cost Value (RCV) policy that covers the full cost of replacing an item, an ACV policy factors in the item's age, wear and tear, and market value at the time of the loss.

To understand it better, let's continue with the homeowner's insurance example. If you have an ACV policy and your house suffers damage from a fire, the insurance company will assess the value of the damaged property based on its current worth in the used market, considering factors like age, depreciation, and condition. The insurance company would then pay you the calculated amount, which would be the replacement cost minus the depreciation.

For instance, if your ten-year-old television is damaged in a covered event, the insurance company will determine its value based on its current market worth for a ten-year-old TV, factoring in the depreciation over time. They will then provide you with compensation equal to the depreciated value of the television.

ACV policies are often less expensive than RCV policies because they offer coverage based on the depreciated value of the property. However, it's important to note that ACV policies may result in lower payouts in the event of a claim, as the compensation will be less than the cost of purchasing a brand-new replacement.

In summary, an Actual Cash Value policy provides insurance coverage based on the current market value of damaged or destroyed property, considering depreciation and wear and tear. While ACV policies are typically more affordable, the payouts may be lower since they account for the item's depreciation over time.

Depreciation in an insurance policy refers to the reduction in the value of an insured item over time due to wear and tear, age, or obsolescence. It is a standard practice used by insurance companies to calculate the payout amount for a claim involving damaged or lost property.

When you purchase an insurance policy, the coverage is typically based on the actual cash value (ACV) of the insured item. The ACV is the value of the item taking into account its age, condition, and depreciation. Over time, as the item ages or experiences wear and tear, its value decreases. Therefore, in the event of a claim, the insurance company will take the depreciation into account when determining the payout.

Depreciation can be applied to various types of property, such as buildings, vehicles, electronic equipment, furniture, or any other items covered under the insurance policy. The specific depreciation method and rate used may vary depending on the type of property and the terms of the policy.

To illustrate how depreciation works, let's consider an example. Suppose you have a five-year-old television that gets damaged due to a covered peril, such as a fire. The insurance company will not reimburse you for the full cost of a brand-new television because the damaged one has already experienced five years of use. Instead, they will calculate the payout based on the depreciated value of the television, considering factors like the original purchase price, expected lifespan, and any applicable depreciation rate specified in the policy. The resulting payout will be less than the cost of a new television.

Depreciation is a way for insurance companies to account for the diminishing value of insured items and ensure that policyholders receive a fair settlement based on the actual worth of the damaged or lost property. It is important to review your insurance policy to understand how depreciation is applied and what coverage you can expect in the event of a claim.

Recoverable depreciation is a term used in insurance policies, particularly in property insurance, to describe a portion of the depreciation that can be reclaimed or recovered by the policyholder in the event of a covered loss or damage. It represents the difference between the actual cash value (ACV) of the damaged property and its replacement cost value (RCV).

When a claim is filed for a damaged or lost item, the insurance company initially pays out the ACV, which takes into account the depreciation of the item. However, the policy may include a provision for recoverable depreciation. This means that once the policyholder replaces or repairs the damaged item and provides proof of the expense, they can be eligible to receive additional compensation to cover the difference between the ACV and the RCV. The amount of recoverable depreciation is typically subject to certain conditions and limits outlined in the insurance policy.

Non-recoverable depreciation, on the other hand, refers to the portion of depreciation that is not eligible for reimbursement or recovery by the policyholder. It represents the reduction in the value of the damaged or lost property that is not covered by the insurance policy.

When an insurance claim is settled and depreciation is taken into account, the non-recoverable depreciation represents the amount that the policyholder is responsible for covering themselves. It serves as a deductible or out-of-pocket expense that the policyholder must bear when replacing or repairing the damaged property.

It's important to note that the terms and conditions regarding recoverable and non-recoverable depreciation can vary among insurance policies and companies. It is advisable to carefully review your insurance policy and consult with your insurance provider to understand how depreciation is handled, what is recoverable, and what is non-recoverable in the event of a claim.

By providing clear explanations of recoverable depreciation and non-recoverable depreciation on your webpage, you can help customers understand the distinctions and make informed decisions when it comes to their insurance coverage.

Building Code Coverage, also known as Ordinance or Law Coverage, is a component of an insurance policy that provides protection for the additional costs associated with complying with current building codes and regulations when repairing or rebuilding a damaged structure. This coverage is particularly important for older buildings that may not meet the current building codes.

When a building is damaged, insurance policies typically cover the cost of repairing or replacing the damaged portions. However, building codes are regularly updated, and when repairs or reconstruction take place, the property owner is often required to bring the building up to current code standards. These code upgrades can result in significant additional expenses that are not covered under a standard insurance policy.

Building Code Coverage addresses this gap by helping policyholders cover the costs of complying with building codes. It typically includes three main components:

Coverage for Demolition and Removal: This component covers the costs associated with demolishing the damaged portions of the building and removing the debris.

Coverage for Increased Construction Costs: This coverage takes into account the additional expenses incurred due to building code requirements. It may include costs for items such as improved wiring, plumbing, ventilation, or structural changes necessary to meet the updated codes.

Coverage for Loss of Value: In some cases, complying with building codes can lead to a reduction in the value of the undamaged portions of a building. This coverage helps compensate for the potential loss of value that may occur during the repairs or rebuilding process.

It's important to note that Building Code Coverage is typically offered as an endorsement or add-on to a standard property insurance policy. The specific terms and limits of coverage can vary, so it is essential to review the policy documents and consult with your insurance provider to understand the extent of coverage provided.

By including Building Code Coverage in your insurance policy, you can have peace of mind knowing that you are protected against the additional expenses associated with complying with building codes. This coverage ensures that you have the necessary financial resources to bring your property up to current standards in the event of damage or loss.

PWI, which stands for Pay When Incurred, refers to a specific type of coverage in an insurance policy. It is commonly associated with certain expenses that are only reimbursed by the insurance company when they are actually incurred by the policyholder.

In insurance, there are two main methods for reimbursing expenses: Pay When Paid (PWP) and Pay When Incurred (PWI). Under the PWP method, the insurance company reimburses the policyholder only when the insurer pays the claim to a third party. On the other hand, under the PWI method, the insurance company reimburses the policyholder when the policyholder actually incurs the expenses, regardless of whether the insurer has paid the claim to a third party.

PWI coverage is typically associated with certain types of expenses that are incurred by the policyholder before the claim is settled or before the insurer pays the third-party claim. These expenses may include costs like legal fees, medical bills, or other necessary expenses directly related to the claim.

To better understand how PWI coverage works, let's consider an example. Suppose you are involved in a car accident, and you have medical expenses as a result. If your insurance policy includes PWI coverage for medical expenses, you would be responsible for paying your medical bills upfront. Once you provide proof of these expenses to the insurance company, they will reimburse you for the eligible portion according to the terms and limits of your policy.

It's important to note that not all insurance policies include PWI coverage, and the specific items or expenses covered under PWI can vary. It's essential to carefully review your insurance policy and consult with your insurance provider to understand the extent of PWI coverage, the expenses eligible for reimbursement, and any applicable limits or deductibles.

By having PWI coverage in your insurance policy, you can have the flexibility to pay for necessary expenses upfront and seek reimbursement from your insurance company later, ensuring that you have the financial means to handle unexpected costs associated with covered claims.

As a business, it’s our responsibility to help reduce the spread of COVID-19. We are committed to following all public health guidelines as the situation evolves. Our top priority is your health and the health of our contractors and employees. Please don’t hesitate to contact us if you have any questions.

Here are some of the key signs that it’s time to replace your roof:

• Roof is reaching the end of its lifespan (will vary depending on the type of roof).
• Ceilings and/or walls are showing signs of water damage.
• Shingles are curled or buckling.
• Shingles are missing.
• Eavestrough has large amounts of shingle granules.

Whether you decide on a traditional (felt) underlay or synthetic underlay, both are beneficial for adding that extra layer of protection for your roof deck. Each one will protect the roof deck from water penetration due to blow offs or wind-driven rain. Underlays will also protect the shingles from resins that can bleed through the plywood.

When your roof leaks but it’s not raining, your ventilation is causing the problem. Roofs will condensate without proper air flow.

For example, Mansard roofs are known to condensate because of poor airflow in the walls.

A properly installed tarp can last up to 90 days. A tarp is not a permanent solution, but can help protect your property until the professionals can get the roof done.

If your roof is leaking and we are unable to get to your project right away, we will install a tarp for you.

A typical roof takes 1-2 days to complete. However, certain factors can prolong a job, such as weather or unforeseen conditions of the roof deck.

We do not pride ourselves on how quickly we can finish your roof. We take greater pride in providing quality workmanship (in a timely manner).

Yes, we offer in - house financing, with 0% interest, no down payment required, financing terms up to 15 years, minimum payment starts at 99/month. Senior citizens discount.

State Restoration Services employees are seasoned professionals that work year around and adhere to stringent safety policies. We carry a Liability Insurance policy to ensure that you, the consumer, are protected should any accident occur. Also every employee is covered with workers compensation to protect our workers and you the homeowner in such an incident.

If you hire a company or individual to replace your roof without such insurance you are taking a high risk, and you and your insurance company are liable if an accident occurs.

Ventilation is a crucial factor in the life of your roof. Heat building up in the summer months as well as cold weather of winter will accelerate the aging process of your shingles. Proper air circulation, regardless of outside temperatures, will greatly reduce the chances of leaking, curling, blistering, rotting of the roof deck, wet insulation and many other potential issues.

This answer is dependent upon the specific product, its manufacturer, and its warranty. In many states, manufacturers will require proof that the owner has maintained a regimen of cleaning and maintenance for the lifetime of the roofing, or at least as long as the warranty specifies in writing. Problems with materials need to be reported to the manufacturer within 60 days to ensure they honor the warranty.

State Restoration Services recommends that all clients in the market for a new roof installation ask for a pre-construction meeting. This meeting will allow for the implementation of a communication “chain of command” which will guarantee that everything done on your property is clearly explained and notification given in a timely manner for all things related to the work being completed. It will also give you a chance to discuss and agree on other important factors like where equipment is placed, when work will begin, who will be leading the crews, and when the work is expected to be finished.

Again, this is a question whose answer is completely dependent upon the structure and the materials. Depending upon these factors, a flat roof is comparable to a traditional roof in many ways. Oftentimes, they are actually cheaper than their pitched-roof relatives. Our staff will gladly go over the estimated costs for your project during our consultation phase.Here are a few factors that come into flat roof pricing:

• Roofing Type – full removal, replacement, or re-roofing.
• Amount of penetrations and walls.
• Years of warranty
• Life expectancy.

Absolutely, yes. The roofing industry defines standing water as any moisture remaining on a roof 24-48 hours after precipitation has stopped. When water persists after this amount of time has elapsed, it can permanently destroy the roofing material and effectively void your warranty. The addition of drains and tapered insulation in trouble areas can help to minimize this type of problem

To stop canvassers from soliciting at your door, consider placing a clear 'No Soliciting' sign near your entrance. Most canvassers respect these signs and avoid knocking. Additionally, check your local laws regarding solicitation and register with any applicable 'No Knock' lists in your area if available. Installing a video doorbell or intercom system can also deter unwanted visits, allowing you to address visitors without opening the door. For persistent solicitors, politely but firmly ask them to leave and avoid engaging further.