River City Referrals | July 2006 Newsletter | Is Your House a House of Cards?

River City Connection Newsletter
July 2006

IS YOUR HOUSE A HOUSE OF CARDS?

Have you heard the one about the house with the pressed wood siding? They’re coming down all over town. If you have hardboard (better known as Masonite) or pressed wood siding from one of many manufacturers, further investigation and a little time can pay off.

Many Richmond neighborhoods currently have houses with hardboard siding. The fact is that if you own a condominium, a house or a town home with this type of siding installed in the mid 1980’s, you may be part of a class action lawsuit and may not even know it. We have a few tips if you’d like to do something about getting the cash to replace or repair your siding.

The first question we are always asked is “Can I file the claim on my own?” Yes, you can. If anyone tells you otherwise, they’re wrong. The process of filing the claim is time-consuming and complicated but, hey, it’s the government and big business---what did you expect?

It’s a basic three-step process:

Identification. Does my house/siding qualify for the claim?
Evaluation. An on-site inspection of your property is done (by you, a technician working on your behalf, or the manufacturers’ representative).
Recovery: settlement funds are sent.

Sound too good to be true? It is. Things are rarely this easy. Some of the issues that go into factoring how much money you may receive are the amount of damage on the house, the siding manufacturer and the year the siding was installed. And that’s where it get’s tricky. Gathering all the information needed, including taking a 6”x 6” sample from your house, evaluating your damages, collecting and producing documentation and filing the necessary paperwork takes a lot of time and resources. If there is an appeal, additional inspections are often required.

On average, the claim period can take 3- 6 months. And there are some do’s and don’ts to be aware of, so tread carefully. Use these questions to guide you in deciding whether to hire a pro or go it alone:

Can I afford to wait 6 months for the claim process, and 4 additional months if there is a 2nd inspection?
How much of my siding qualifies as “damaged”? (It’s up to the inspector)
Can I reject my offer and appeal it if I don’t think it’s fair? (Yes)
How do I know if my siding qualifies? (Sample and Inspection)
How much are typical damage awards? ($4/square foot on average)
My damage award seems small, why is that? (Various reasons)
What are the claim filing deadlines for the various manufacturers? (Too many to list)
Is this a siding recall or an actual damage award? (Cash damage award)
How much does this cost me? (Free if you do it yourself, percentage to hire a service)
Can I do this without removing a sample from my house? (Maybe)
What if I already replaced/painted or repaired my siding? (See next question)
Can I file again if I’ve replaced or repaired some of my siding? (Yes)
What is the average price for the claim? ($4/square foot)
How long must I wait before I repair or replace my siding once the claim is filed? (An average of 60-90 days).

Now that you’re armed with information, you can make a better decision on whether you’d like to file a claim on your own or hire a professional. If you are interested in talking with a certified inspector, please don’t hesitate to call us. We work with the best in Richmond. They’re skilled, responsive and will save you the hassle.

Archived Newsletters
February 2007 | Imagine That! Virtual Web-sites for Your Projects
September 2006 | A Good Contractor Isn't Hard To Find
July 2006 | Is Your House a House of Cards
June 2006 | No Guarantees

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River City Referrals, LLC.
8602 Julian Road, Richmond, VA 23229
Phone: (804) 545-0822, E-Mail: info@rivercityreferrals.com