Hail seems to come in waves every Sunday for the last few weeks in North Texas. It has sprouted a new round of hail claims for homeowners across Dallas-Ft Worth. If you live in the "lucky" part of The Metroplex, you likely have a roof that has been replaced in the last five years due to hail. Other portions of North Texas are now starting to see roofs that haven't been replaced in a decade or more. The home insurance companies have been taking some drastic measures over the last five years to contain costs to consumers as premiums have soared. One of those measures taken by some companies is to automatically change the settlement method on your roof claim from Replacement Cost to Actual Cash Value when the roof hits 15 or 20 years of age. In today's Home Insurance Tip, Ron discusses how to fight back.
The math on a roof claim where actual cash value is involved does not work in the favor of the Texas homeowner. Rather having a new roof installed, less the deductible, the homeowner is issued a check for the value of the roof less the depreciation amount AND the deductible. That means that your roof claim, which could cost $15,000 to replace if it is totaled, would result in a check of less than half of that depending upon the age of your roof. And then your premiums can potentially be affected. It can be a lose-lose situation.
If you work with an Independent Insurance Agent like Insurance For Texans, you can access the entire market place where Burleson Home Insurance policies can be chosen to match certain benefits. Since our agents work for you and not some big company, they can get you the replacement cost coverage that you want. Speak with Tricia or Dena today to find out what options you have available to you and your family today!