Roof News Flash: Insurance Carrier Changes Are Coming
There’s a lot “up” with roof insurance these days.
The good news? We’re “on top” of it!
There are drastic changes taking place in the insurance industry, affecting not only the cost of insurance (on homes, condos, and even commercial buildings), but also the way coverage is provided for roofs damaged by wind and hail storms.
Hail or Wind Damage
First, separate higher deductibles for wind or hail damage are being mandated by many insurance companies. That deductible will be higher than the deductible for any other type of property loss, such as a fire or break in, going as high as $1,000, $2,500, or even $5,000.
Depreciation
Second, if your home’s roof is over fifteen years old (or even twenty years in some cases), you may not recover the full cost to repair your roof if it’s damaged by wind or hail. The cost of materials will be depreciated on many policies.
Some of our competitors begin to depreciate roofs at one year of age and gradually more every year therefore until you’ll not be paid more than 40% or 50% of the cost of the material cost for the repairs.
A few of the insurance companies we work with will NOT apply depreciation to a claim for roof damage no matter what age the roof is. Each year they ask either for photos or to inspect it to be sure it hasn’t deteriorated.
Replacement
If you replace your roof’s shingles, it’s important you inform us as soon as possible. Even if your roof was recently replaced by your insurance carrier because of last year’s storms, we aren’t given that information by the claims’ staff. Be sure to inform us that you have a new roof.
Understanding the Value of What You Have
It’s so important to understand the difference between another insurance company’s product versus what you already have in place. When they offer you a premium savings that feels too good to pass up, there’s usually something you’re giving up that may cost you in the long run. No two insurance policies are exactly the same, but we know what those differences are.
At American Advantage IFS, we represent a variety of insurance companies. Some companies are priced higher than others, but each offers comprehensive coverage designs for overall better protection. All of them do a great job or we wouldn’t represent them. But we can decide together if price, service, or product is most important. We tailor insurance programs for every client based on your needs, expectations, and budget.
We want to make sure you’re aware of changes that may occur on your next policy renewal. Please read the material that is sent with your policies so you know what may have changed.
Reach out to us if you have any concerns about your property’s coverage, and most importantly, if you have your roof replaced, please tell us so we can make sure you understand how your roof is covered by your policy against wind and hail damage and what options may be available to you.
