It’s spring time in North Texas and that means hail damaged roof and insurance claims.
The latest trend is for insurance companies to increase wind/hail deductibles to 1 ½% to 2% on new policies and renewals as well as depreciating the value of a roof based on the age. The companies that are depreciating the value of the roof based on age are doing this based on a scheduled percentage. An example would be:
$15,000 roof replacement on a 7 year old roof for a $200,000 dwelling. Company would only pay 79% of 7 year old roof with a 2% deductible.
$15,000 x 79%=$11,850.
$200,000 x 2%= $4,000
$11,500 - $4,000 = $7850.
The company will pay $7,850 and the homeowner pays $7,150.
The older the roof the more the homeowner will pay!
You might want to check your wind/hail coverage and see if you can find a better deal.
If you are shopping for new coverage and are getting different quotes from the agent, be sure to ask them what the wind/hail coverage is. This is probably one of the reasons for the different quotes. You might be better off paying a slightly higher price if you are getting better wind/hail coverage.
No comments:
Post a Comment