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Homeowners Coverage Changes

Homeowners claims have been an issue with most of our carriers due to the increase in the severity and frequency of storms over the past several years.
Some companies have implemented several measures to offset the high cost of claims from these storms. One of these measures is to amend coverage the
companies offer. Some of these changes are important to be aware of:
Roof claims are being settled on ACV vs RC basis: If your roof is 15 years old or older and a loss occurs, you will be paid based on actual cash value vs the cost to replace your roof. The insurance company will take into consideration the age and condition of the roof and depreciate the cost to actually replace it.
Reduction in Water Back-Up Coverage: Most of our companies automatically provide some coverage for losses that are caused by or result from water that  backs up through sewers or drains. The limit that they offer may have been reduced on your renewal policy. There are limitations to most coverages on your Homeowners Policy and needs sometimes change. It is important that you review your Homeowners policy to make sure you have adequate coverage. Some companies are offering new roof discounts or the actual cash value endorsement on the roofs can be removed if you have
recently put on a new roof. The water back up coverage limit can be increased and most insured’s with a finished basement should be aware
of this limit and more than likely will require additional coverage. Please note that these types of changes can only be made upon the renewal of your policy. Please contact our office if you have any questions regarding your policy or would like to make changes in your current coverage.