Quote:
Originally Posted by kerry
They assure you fix the roof by only paying a portion of the claim until the roof is fixed, then they pay the rest. However, now (unlike in the past) the total claim is only for the depreciated value of the roof and not for replacement. I found the letter from the insurance company from one of the prior claims where it states outright they are paying for the replacement cost of the roof. I've never been notified of any changes to the policy since that letter was sent.
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Check your policy and required coverage in your state. Also carefully check the description of your home.
A major insurer in Texas changed software a few years back. I noticed a small bump one year, then a large jump the next. The new software defaulted to attached garages as a description since they're now more common. I was never notified that my house's description changed because the computer didn't think it had. An attached garage raises the risk to the overall structure and the rates also went up. I corrected it back to a detached garage and my rates when back down.
It's possible that they never updated the age of your roof in the description since it was last repaired -- this may be a factor if you have an ACV policy and not a replacement policy.
An example from Colorado, Texas has similar language but this one specifically cites a roof:
Three ways to insure the structure of your home:- Replacement Cost. Insurance that pays the policyholder the cost of replacing the damaged property without deduction for depreciation, but limited to a maximum dollar amount.
- Extended Replacement Cost. An extended replacement cost policy, one that covers costs up to a certain percentage over the limit (usually 20%). This gives you protection against such things as a sudden increase in construction costs.
- Actual Cash Value. This covers the cost to replace your home minus depreciation costs for age and use. For example, if the life expectancy of your roof is 20 years and your roof is 15 years old, the cost to replace it in today’s marketplace is going to be much higher than its actual cash value.