Bensman Risk Management, Inc.


Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
847-572-0800 Phone
847-572-0502 Fax

Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 15, Issue 9May 2020

MONTHLY MESSAGE

Call Us If You Have Damage to Your Roof

Spring and summer storms can wreak havoc on your house. If you think your roof might have been damaged by strong winds, driving rain or hail, your first step should be to get an inspection of the roof and an estimate of the cost of repairs. That gives you a much better idea of how much damage you did sustain, and whether filing a claim against your homeowner’s insurance is necessary.

Then give us a call. We can help look at whether filing a claim makes sense. If you have had extensive damage, the answer might very well be yes. But there are many cases in which you might be better off not to file. Insurance companies make a note of any time a claim file is opened, whether you ultimately file a claim or not. And they often consider the number of claims filed when they are determining your renewal rates, as well as any surcharges.

So, for example, say your contractor estimates that you have incurred $3,000 in damage. You have a $1,000 deductible, and your roof is 15 years old. We can help you determine how much you might actually end up collecting from the insurance company if you were to file a claim. Then we can tell you what the likely result would be to your coverage and rates going forward.

You don’t need to wait until you have damage to think about your roof, though. We can help you evaluate whether your roof is old enough to consider a replacement, and then to weigh the costs and benefits of different kinds of replacement materials. We also can help you review your coverage and deductibles for wind and hail damage, and then discuss whether you should think about updating those.

Finally, whenever you are dealing with roofing repairs, be sure to use a trusted local contractor. Especially if there is a damaging storm in your area, you might be visited by contractors who promise to give you a great price on roof repair or replacement, especially if you pay in cash. Some of these people might be honest, but many are not. They might fix your roof using substandard materials, or they might not be expert in what they do. They might offer you some kind of guarantee, but if something goes wrong, it is unlikely you will be able to collect on it. By the time you realize you have a problem, the drive-by roofers might be down the road to the next storm-struck area.

In general, it is best to work with local contractors, to check out their references and to talk to people for whom they have done work before. Look for a roofing company that has experience in the kind of roof your home has and the kind of materials you would like to use. If you would like to talk to us about this or any other risk management or wealth management need, contact us at 847-572-0828 or rweinstein@bensman.com .

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