Every homeowner should have a home insurance policy in place. It’s a safety net in case natural calamities happen or if your home gets damaged accidentally. However, this article will be focusing more on the coverage of roof insurance and what homeowners need to expect. This is rather important particularly in instances where a roof replacement is needed. Depending on the insurance company and the policy you have, the terms and conditions may differ. Here’s what you need to know about home insurance and what it has to do with your roof:
Is a special insurance coverage needed to include the roof?
In general, there are different types of insurance policies out there. The majority of home insurance policies carry coverage for the roof. However, the coverage may differ from one provider to another. In other cases, although this is rarely seen, roofing coverage is not included.
What does full coverage roof insurance mean?
When your insurance has an open perils policy, it means there are no limitations on the roof and also includes North Myrtle Beach roof replacement cost. It is commonly referred to as “full coverage” due to the unlimited number of perils or sources of damage.
What are the actual cash value and replacement cost?
Basically, actual cash value refers to the depreciated value of the roof at the time of the damage. For instance, if the value of a new roof is $25,000 and it is already 15 years old when the homeowner filed the claim, the insurance company may apply a $1,000 annual depreciation rate. That means you only get $10,000 on your claim as the value of the overall depreciation is deducted to the initial value of the roof. This means you have to shoulder any extra expenses if the value of repairs or replacement exceeds the amount of your claim. These expenses include fees for repairs and hiring a roofing contractor.
The replacement value, on the other hand, will provide you with the exact amount needed for the roof replacement or repair to restore the roof. Of course, this will be less your deductibles.
When is the roof insurance limited?
The insurance provider may put in a clause in the policy stating that the basis of claims settlement will be actual cash value rather than replacement cost. Insurance companies normally do this to cut costs on their end, saving them money. This is often done when numerous several incidents occur especially when a particular area is frequented by natural calamities.
When you are shopping around for a home insurance policy, be sure that you read the fine lines. Make sure that you are signing up for a policy that you can fully benefit from. Also, it would help to hire a professional roofing company like NMB Roofing Pros in order to keep your roof maintained to keep your insurance premiums.
For all your roofing concerns, call NMB Roofing Pros. You may reach us at (843) 491-6382.
NMB Roofing Pros
North Myrtle Beach, SC 29582