Stamford Roofing: Article About Understanding Homeowners Insurance Coverage For Roofs
Most homeowners are familiar with the fact that homeowners insurance is a vital part of protecting their home and financial well being. In fact, for the vast majority of homeowners, their lender will require that a homeowners insurance policy remain in effect during the entire time that money is owned on the property. Of course, even once a home has been paid off and the bank or lender no longer holds a lien against the property, most homeowners will continue making sure that their investment is insured.
While homeowners insurance is very common, there can be a great deal of difference between individual policies. It is important that homeowners familiarize themselves with the types of policies available as well as the pros and cons that each different policy has to offer. For example, the most common type of homeowners insurance policy is an actual cash value or ACV policy. Most Stamford roofing contractors will be familiar with this policy. Contractors will have experience working with the insurance company during the claims process.
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However, some insurance companies still offer replacement value policies, and it's important that homeowners understand how each type of coverage works so they can choose the best coverage for their needs.
An ACV policy certainly will be less expensive than a policy that covers replacement costs, but the homeowner needs to be prepared to pay for part of even covered damages. An ACV policy will only cover the prorated cost of the roof. This means that if the roof has been on the home for 15 years, an ACV policy might only cover 5 or 10 more years, depending on the warranty for the current roofing system. If the roof is blown off during a storm, a homeowner might only get 10 or 20 percent of the cost needed to replace it. A replacement value policy does not prorate and will cover the cost of replacing or repairing the roof at the current rate.
In some cases, the homeowner might want to skip the insurance company and pay for the repairs on their own. For example, if the damage is just a few missing asphalt shingles, the homeowner might find it a better financial move to simply have the shingles replaced and not file an insurance claim. However, if numerous clay roofing tiles are damaged, this can lead to expensive repair costs and the homeowner will likely want to file a claim.