Is Damage to My Roof Covered
Roofs Covered:
Yes
Underwriting Restriction:
Yes
Roofing Details:
Homes with wood shingles require the policy to include a 2% (of Coverage A amount) wind or hail deductible.
What Will I Have to Pay?
(My Out of Pocket)
Your deductible. A deductible is the part (or amount) of the claim you're responsible for. Insurance companies will deduct this amount from any claim settlement amounts they pay to you or on your behalf. So if your insurance policy has a $1,000 deductible, that means you've agreed to pay $1,000 out of your pocket for the damage to your home.
A deductible can be either a specific dollar amount or a percentage of the total amount of insurance. There are special deductibles that apply to certain types of claims; some deductibles are applied to specific parts of your home, like your roof. You can learn about the deductibles for your policy by looking at the declarations page or the front page of your homeowners' insurance policies.
Deductible - Policy or Specific
The policy deductible will apply unless the policy contains the wind or hail deductible, and the claim is for a wind or hail loss. Only one deductible will apply per loss. Optional Policy Deductibles are: $500, $750, $1,000, $1,500, $2,000, $2,500, or $5,000 Wind or Hail deductible options are: 1% or 2% (of Coverage A amount)
Flat Dollar or Percentage
N/A
Deductible Amount Options
N/A
Company Determined Deduct
N/A
How Will My Claim Be Calculated
RCV, ACV OR FRC:
Settlement methods include Restoration Cost, Actual Cash Value (roof) and Renovation Cost. Restoration cost is similar to Replacement Cost and Renovation Cost is similar to Functional Replacement Cost. The base policy provides Restoration cost coverage. The policy can be endorsed to provide Actual Cash Value (roof) or Renovation Cost coverage.
Options Determined by:
The base policy in Missouri includes Restoration Cost Value. The policyholder may choose Actual Cash Value (roof) or Renovation Cost. The company may require Renovation Cost or Actual Cash Value (roof) in some cases. Roofs composed of tin or asphalt rolled roofing require Actual Cash Value (roof) settlement.
Criteria For Settlement:
The determination of acceptability is based on the type of roof covering, the condition of the roof and the roof being properly installed. Roofs in poor condition, improperly installed or consisting of more than two layers of roofing material are not eligible for coverage under this policy.
Any Other Exclusions or Limitations
The policy allows for depreciation of labor and includes limitations on matching. The following limitations are present in our Homeowners line. *Depreciation of Labor - see Form HO3 MO1 in the "How Losses Under Section I Are Settled" provision, Form B-433.2-B, Form B-639.7-B, and Form B-640.6-B *No matching - see Form HO3 MO1 in the "How Losses Under Section I Are Settled" provision, Form B-639.7-B, and Form B-640.6-B