Most common question we get from Covington homeowners is “I thought I had a replacement cost policy. Why am I getting a deduction for depreciation on my roof?”
All roof claims are going to be paid using depreciation on your first claim check
When you work with a local insurance broker in Covington you get an advocate that works for you not the insurance company
The insurance company will take the age of your original roof replacement and deduct for depreciation based on the age of your roof shingles
An example could be you have a 15 year roof and the insurance company has determined to deduct $2400 from the cost to replace your roof
Your first claim check would include the cost to replace your roof minus the depreciation minus your deductible
What is Recoverable Depreciation?
Recoverable Depreciation on your claim estimate is the amount you can recover after you show the insurance company you replaced or repaired the damaged items
It is the additional amount you can recover on the second claim check
Most customers don’t know they can recover this amount so they accept the first claim check, repair their home and assume the claim is closed
It is not
At FM Agency Group we have helped our customers with hundreds if not thousands of claims to help them recover their second supplemental damage check
We had a recent insurance company that only wanted to pay actual cash value (depreciation) on a fence although the policy was a replacement cost policy
When you make a claim with an insurance company you need to have a claims advisor working on your behalf not the insurance company so you can recover what you are owed
You should never profit from an insurance claim
You want to get everything the insurance company owes you for damage and you need to understand all the claim handling payment strategies insurance companies can use so you don’t leave money on the table that belongs in your pocket not in their investment account
At FM Agency Group we provide an in house claims advisor to help you with the claims process and communicate with the insurance company claim representative on your behalf to help facilitate a fair claim settlement at not cost to you
If you are ready to work with the best insurance broker in Covington for homeowners insurance complete to the quick form below to get started