We are here guide you through this storm and answer any insurance questions you may have about Hurricane Ian - We will close for a short time so our staff can be safe with their families during Ian, but we will reopen as soon as it is safe and we have powerĪs your insurance agents, We just want to say please Be Safe! frequently asked hurricane insurance questions.what to do if you sustain hurricane damage.We know it’s long……… But, please take a minute to read this blog post fully, You may even want to print this in case you lose power. it contains really valuable and important information including: As always, our most immediate concern is your safety and that of your families. That puts a potential payout for this claim at $7,800: $15,000 (replacement cost) minus $7,200 (depreciation) = $7,800.We want to extend a personal message to those of you who might be impacted in the coming days as a result of Hurricane Ian. Now let’s say your roof is 12 years old.Īccording to the schedule, your roof has depreciated by 48 percent (4 percent times 12 years = 48 percent). So say your shingle roof is heavily damaged during a windstorm, and it would cost $15,000 to replace it. Between 0 years and the years listed above, it depreciates linearly annually.Shingle reaches maximum depreciation of 75 percent at 19 years (4 percent a year).Tile reaches maximum depreciation of 60 percent at 30 years (2 percent a year).Metal reaches maximum depreciation of 30 percent at 30 years (1 percent a year).The depreciated value is calculated by subtracting the roof’s depreciation from its replacement cost. Roof claims for wind or hail damage are paid out on a depreciated value based on the roof’s materials and age. How is depreciation calculated for a roof payment schedule? It’s also useful if you don’t want to pay for a brand-new roof in order to get insured to meet your mortgage requirements. In short, the older your roof, the bigger your discount.
The biggest benefit of this type of coverage is that it lowers your premium in exchange for a lower amount of roof coverage – but only for wind and hail damage. What are the benefits of a roof surfacing payment schedule? This endorsement may apply for homes with: But anyone who wants to save more on their premium would be a good fit for this add-on. The roof surface payment schedule is designed to make a home insurance policy more affordable for homes with older roofs. Who needs the roof surfacing payment schedule? Other damage to the home is paid on a replacement-cost basis as usual. This endorsement only applies to roof surfaces for wind and hail damage. And if you have a new roof, the depreciation deduction is very little, but you still save money on your home insurance premium. The nice thing about this endorsement is that homes with older roofs can actually get insured instead of being turned away or forced to go to state-run insurance programs for coverage. In this case, a roof surface can mean its shingles, tiles, underlayment, felt, membranes, vents, drip edges, turbines, skylights, or other roofing components. Roof depreciation is based on its age and surface materials. Once the roof payment schedule is attached to your policy, it lowers your premium significantly and covers the roof surface for its actual cash value – a fancy insurance term that means the roof’s depreciation is factored into your payout for wind or hail damage to the roof. Without this endorsement, a roof is typically covered for its replacement cost – that is, how much it would cost to completely replace the roof with similar materials at today’s market rate. And it allows homeowners to replace their roof when necessary rather than when it reaches an inflexible age cut-off.Ī roof surfacing payment schedule is an endorsement that modifies how your roof is insured. The roof surfacing payment schedule provides these homeowners with coverage at a more affordable price. Most insurance companies either refuse to insure homes with older roofs or price the policy so high that it's cost prohibitive.
What is a roof surfacing payment schedule?
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