Home Owners Roof Claim

[Tucker444]

I do not write personal lines. I did write a homeowners formy brother with Safeco.

He has roof damage from hail. The adjuster sent him a checkbut he deducted for depreciation.

I have had 2 claims on my own homes over the years (before Iwas in insurance) and I was never hit with depreciation.

I am reviewing his policy…where would I find that roofs aresubject to depreciation?

Is there a specific coverage feature that I should add thatwould do away with depreciation?

 

[sshafran]

Isn't the depreciation check typically cut after the work has been done? I'm not a p&c guy, so I could be wrong...

 

[Aram Fingal]

Nope, you're right. (and this answer wasn't 20 characters so I had to add something)

Isn't the depreciation check typically cut after the work has been done? I'm not a p&c guy, so I could be wrong...

 

[djs]

Depending on the policy, whether the roof is on an actual cash value basis or replacement basis, a second check is cut for the difference after the repairs are completed, if the policy allows for replacement cost.

If the roof is over 20 years old, it may only be covered for actual cash value, though I don't think Safeco has this issue (don't know the policy in all states). Usually roofs being ACV is listed on the dec page, if the policy is a replacement cost policy.

Dan

 

[Tucker444]

Thanks!
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