Don’t assume everything in your home is covered by your homeowner’s insurance policy. In many cases, certain exclusions, roof exclusions for example, keep your home from full coverage. Make sure to go over any roof exclusions with your insurance agent.
Age of the Roof
Often, the age or layering of your roof plays a role in whether it is fully covered by your policy. Roofs 10-20 years old are often not covered because they might need to be replaced, which is very costly. Adding a second layer of shingles is a cheap alternative to stripping the entire roof; however, several insurance companies exclude roofs that have more than a single layer of shingles.
Replace or Repair
It is important to know whether or not roof replacement is covered by your insurance. Many common roof exclusions include routine maintenance, which means you will be covered for repairing leaks, but not for replacement. However, even some minor repairs may not be covered if the parts and materials used exceed your roof’s current value.
Make it a point to check what materials your policy will cover. Some insurance companies do not cover cedar shake or slate roofs in their homeowner’s policy. This is a particular problem when it comes to roofing in Oklahoma, since many roofs use these materials.
Another key point to consider when contacting a roofing contractor in Oklahoma is a good rate. The amount of coverage is typically based on square footage, which limits the amount that can be spent and covered by insurance, so a good rate can make a huge difference.
Basic insurance Terms to Know
The deductible is basically the amount of money you have to pay to cover damages, and you should be able to answer these questions:
– Did the roofer claim that he will take care of it?
– Have you discussed roofing repairs with other contractors, and what did they say about paying out of pocket?
– Did they claim they would take care of any special paperwork?
Replacement Cost Value
Replacement cost value, or RCV, is the amount of money an insurance company has assessed for repairing or replacing any damages. They will replace your loss with the exact number and materials it was once comprised of; no more, no less.
Depreciation and Actual Cash Value
There are two kinds of depreciation: recoverable and non-recoverable. Recoverable depreciation is the money the insurance company is holding until they have proof that your damaged property has been restored. Non-recoverable depreciation represents the current value of your damages. For example, a roof designed to last 20 years is 50% depreciated when it’s 10 years old. This brings us to our next term, actual cash value, or ACV: ACV = RCV – Depreciation.
Take the time to understand the roofing exclusions in your homeowner’s insurance policy, what questions to ask roofing contractors, and you will save yourself a lot of time and grief.