Miramar Beach Roofing: Article About Roofing Damage
When a wind storm, hailstorm or fallen tree causes the need for roof replacement, many homeowners receive an unexpected surprise when the reimbursement check arrives. Because many homeowner's insurance policies use a coverage system known in the industry as actual cash value rather than replacement cost, the property owner is left to foot the bill for the remainder of the repair or replacement expenses. Understanding the differences between the actual cash value clause versus replacement cost coverage allows homeowners to get competitive project bids from a variety of Miramar Beach Roofing contractors and plan for their out of pocket expenditures.
Due to several years of increased claims due to severe weather events, many insurance companies have updated homeowner policies to reflect actual cash value reimbursement for damaged houses. For the homeowner, this means that if an asphalt shingle roof was 15 years old when it was destroyed by a hailstorm, the homeowner will only get the value of what the roof was worth at the time of the incident rather than what it actually costs to put a new roof on the place. Because a 15 year old roof made from standard asphalt shingles is near the end of its typical lifespan, the property owners may find that the check from the insurance company only covers a fraction of what it really costs to fix the roof.
The expert roofers from Art Construction of Miramar Beach can assist you with any questions regarding residential roofing or windows.
For example, if the insurance company depreciates a $20,000 roof by $1,000 for each year that it has been on the home, then after 15 years, the roof has an actual cash value of just $5,000. After an average $1,000 deductible, the homeowner would be left with a check for just $4,000 and would have to find a way of funding the remainder of the roofing replacement bill.
Some homeowner's insurance packages still have an inclusion for replacement cost when a home is damaged from a sudden or accidental event. Replacement cost coverage means that the homeowner receives a check for the actual total of the repair bill, less the amount of the deductible. So, if a roof costs $20,000 to replace, the homeowner will receive a check in the amount of $19,000. This means a much lower out of pocket cost in the aftermath of the storm. One newer type of policy schedule involves repayments based upon the situation that destroyed or damaged the house. A windstorm may trigger the actual value clause while a fire would institute a replacement value compensation.