Insurance and Roofing Damage
Posted on April 5, 2023 at 3:33 pm | Uncategorized
Insurance and Roofing Damage
Understanding the details of your home insurance policy may seem daunting but it helps to know what type of coverage you have and what it means when you have a claim. In the roofing world, insurance details may mean the difference between replacing a few shingles and re-roofing the whole house.
Many insurance policies stipulate that damaged property must be replaced or repaired with “material of a like kind and quality” or “similar material”. In some cases this may mean that if a suitable match to your damaged roof can not be found, the whole roof would be replaced under your property insurance coverage.
In the case of damaged materials and matching with similar replacements, the type of insurance you have matters.
RCV insurance policies cover the Replacement Cost Value of the damaged area of the home. This means the materials are replaced without any deduction for depreciation. The insurance carrier assumes the cost of paying the full cost of fixing the damaged property.
ACV or Actual Cash Value policies pay for similar items while accounting for depreciation. It may take into account the fair market value of the item or the cost minus depreciation. The insurance company is then responsible for the difference between the depreciated value of the property and the higher cost of repairing or replacing it.
Even if your neighbor’s house was damaged in a similar way to yours, you may not receive the same settlement from the insurance company. It depends on the company, the policy, and the extent of the damage. Make sure you get everything in writing and if you disagree with how a claim is being handled, there are ways to work through that complaint either with an appraisal or arbitration.
Ensure you work with a trusted, local contractor to evaluate the extent of the damage and what would be included in the repair or replacement process. The experts at Phoenix Roofing have years of experience in roof damage and can work with you and your adjuster to provide the information needed for a fair claim. If you suspect you have roofing damage, don’t wait! Contact Phoenix Roofing today!
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