According to one experienced roofing contractor insurance companies heavily scrutinize claims for roof repair and replacement.
Roof hail damage insurance claim depreciation.
The recoverable depreciation also happens to be 5 000 10 000 replacement value less 5 000 actual cash value.
The age and condition of your roof will play a big part in the value of your hail damage claim.
Dealing with roof damage a roofing insurance claim and the general aftermath of a major storm hurricane or other natural disaster can be one of the most stressful times in your life.
The insurance adjuster depreciated the roof 50 an arbitrary number based on its age so the actual cash value of the roof is now 5 000.
For example if your roof is 25 000 new and is 15 years old on the date of a claim and the insurance company attributes a rate depreciation of 1000 per year on the roof then they will subtract the depreciation from the value of the new roof and only pay you the.
If you profit in any way from your insurance claim such as not paying your deductible or pocketing any insurance money you and possibly your contractor are.
Actual cash value will give you the depreciated value at the time of the loss on your roof.
The acv is the amount it would take to replace your roof minus the depreciation calculated.
Learn how depreciation is calculated by insurance companies.
The full replacement cost of the roof is 10 000.
Let s say it will take 20 000 to replace your roof.
If you live in an area where roof damage from windstorms and hail is prevalent or possible the decision you make about this coverage could mean the difference between paying out just your homeowners policy deductible or your deductible plus depreciation costs.
They will want absolute proof that storm damage is the cause of the roof leak to determine this insurance company will send out its own adjuster someone that works for the insurance company.
You should also be aware that with recoverable depreciation and the roof age and insurance company can withhold.
This difference could amount to thousands of dollars depending on the age of your roof.
When you make a claim for roof damage the insurance company will write you a check for the actual cash value acv of your roof less your deductible.
