Insurance exes etc

[Slownsy]

Has anybody had to pay more than standard excess for replacement of rubber membrane after it was ripped by a tree, my insurance claims depreciation for age.
Frank

[Slownsy]

We have not got a policy that states new for old but it is a agree value policy for $85000 not a depreciation policy
, I don’t consider a roof as a wearing part, the membrane can be 50 years old and still be ok if looked after. The FW was inspected and walued at $80000 1 year ago and found to be in good condition.
Frank

[doxiemom11]

Some policies provide replace cost coverage and are more expensive. Other policies take depreciation so you are paid the actual cash value ( meaning you used some of the useful years of the item up). Many times, you cannot purchase the replacement cost policy on a unit that is over 5 years old ( rules may vary). So it's possible for 1 person to have it paid with no depreciation while another has depreciation. We have an older unit, so we were unable to purchase replacement cost coverage.

[2012Coleman]

Slownsy wrote:
Has anybody had to pay more than standard excess for replacement of rubber membrane after it was ripped by a tree, my insurance claims depreciation for age.
Frank

Sure - talk to your agent, and ask him what your continued business means to him. In the end, you'll have to take what they give, but if my rubber membrane roof was ripped, there would be no way I'd replace it with another rubber roof.

You should consider Flex Armor.

Good luck

[RollandB]

In most cases I’ve seen in 30 years as an agent, your rubber roof is like tires, something that has a age limit to them and is depreciated for anticipated wear and tear. Same can happen with awnings.

As troubles eaters, read your policy and I’ll add talk to your agent.

[westernrvparkow]

Just to note, insurance policies don't exactly read like novels. They won't call it depreciated value, they won't tell you they deduct depreciation from the cost of the repair or have any wording similar to that. They will call it something like "Actual Cash Value", which sounds great, but isn't. The policy that pays for the total cost, (less deductible of course) has "replacement cost" buried somewhere in the one million words of the policy. I would be asking your insurance agent to give you the uncomfortable explanation of how your policy actually works. As you are probably coming to realize, that is actually a conversation you should have had when you were deciding on policies, not when you are fighting a claim.

[RAS43]

DownTheAvenue wrote:

troubledwaters wrote:
Doesn't matter what other people have had to do or not do. What does "YOUR" policy say? Read the policy, if it says minus depreciation then you have your answer. Ask the claim adjuster what paragraph backs up the set off for depreciation.

Exactly!

x2 But to answer the OP I have Safeco Ins and they paid for replacement without deducting for depreciation.

[DownTheAvenue]

troubledwaters wrote:
Doesn't matter what other people have had to do or not do. What does "YOUR" policy say? Read the policy, if it says minus depreciation then you have your answer. Ask the claim adjuster what paragraph backs up the set off for depreciation.

Exactly!

[troubledwaters]

Doesn't matter what other people have had to do or not do. What does "YOUR" policy say? Read the policy, if it says minus depreciation then you have your answer. Ask the claim adjuster what paragraph backs up the set off for depreciation.