Select Value With Roof Surfaces Extended Coverage

Actual cash value will give you the depreciated value at the time of the loss on your roof.

Select value with roof surfaces extended coverage.

But you may find that you can purchase additional coverage to help further protect those belongings. This difference could amount to thousands of dollars depending on the age of your roof. A factor of 1 00 will be applied when this endorsement is. While both types of coverage help with the costs of rebuilding your home or replacing damaged items after a covered loss actual cash value policies are based on the items depreciated value while replacement cost coverage does not.

The dwelling coverage in a homeowners insurance policy typically helps protect your home s structure including the roof from certain perils or causes of damage. Allstate led the trend a few years ago to switch from replacement cost coverage to actual cash value. Commonly covered perils include fire wind and hail damage so if your roof needs repairs after it is damaged by hail or by a tree that topples onto it during a windstorm you may find that your dwelling coverage helps cover the cost. Factors which differ by premium component age of roof and predominant roof surface material type are applied to a policy s variable premium when this endorsement is not purchased.

Another way is through an extended protection amendatory endorsement epae. When the roof surface endorsement is added to a policy damage caused by wind or hail will be settled based on two key factors. One way is by purchasing scheduled personal property coverage for certain high value items. The percentage of payment made is determined by the roof surface payment schedule the chart is provided in this document for reference.

The roof surfaces extended coverage endorsement can be purchased to extend coverage to replacement cost. Homeowners with newer roofs can pay extra to buy coverage providing full. 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. 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.

Your policy will provide actual cash value protection in the event of covered windstorm and or hail damage to your roof surface. Example of acv vs. However the company prefers to say that its house home policy offers a. Age of roof 17 years 80 wood shingles roof geometry flat 20 slate reminder about your roof surface coverage.

Replacement cost and actual cash value refer to how your homeowners insurance policy reimburses you for property damage after a covered loss.