Insurance for HOAs and property managers

A: In the state of Colorado, roofers are required to have a business license to legally operate. You can request your contractor’s licensing number and have it verified through your local municipality.

Roofers should also be insured, so you’re not financially responsible if accidents happen or property is damaged during a project. Your roofer should be able to provide you with their liability and workers’ compensation insurance certificates.

Oftentimes, municipalities require roofers to have these two forms of insurance to obtain a license. If your roofer refuses to provide any of the following information, it’s likely that they’re not qualified to perform the job.

When filing a claim, it’s not uncommon for roofers to advocate on your behalf when it comes to getting damage covered. Insurance adjusters may not offer enough compensation for repairs. If this happens, a roofer can step in and provide them with documentation of the damage, helping you get the appropriate coverage.

If you have a Replacement Cost Value (RCV) policy, this means that when you file a claim, the insurance company will issue a payout that takes into consideration the costs of new materials needed to repair or replace a damaged roof.

Actual Cash Value (ACV) policies, on the other hand, only issue payouts based on the current condition of the roof and will not provide funds for new roofing materials.

An experienced roofer can help you determine what kind of policy you have and the next steps to take for full coverage.

Yes, having a professional roofer perform routine maintenance and inspections can help lower insurance premiums for HOAs. Regular maintenance lowers the likelihood that the insurance company will have to pay out for a big claim, which in turn lowers the premium for HOAs.