kannibul
New member
I started to switch my homeowners policy to another company that would cover my house at a higher amount (more realistic for a rebuild cost), for not much more money, and it'd drop the costs of my auto insurance policies by a good amount over my current carrier which had (until yesterday), all my policies. (switched auto yesterday)
The new insurance company sent a guy out to check my roof and it failed badly enough to where they won't cover me because of it, so, I can't switch...yet.
So...I checked into my homeowner's policy, and it's cash-value, instead of replacment cost. From what I understand, they base it off the life length of the roof (original, 1995 home) with a max of 50% for depreciation (meaning they'll pay at least 50%...), but I don't know if their payout is based off a number they pull out of the air for total replacement, or if it's based on my quotes/bids that I get from 3rd party....
With that, I've filed a claim with my insurance carrier.
Speaking of quote/bids, I've got one company that gave me a bid, so doing the math, I know what I'll have out of pocket. I have another company that will be going out to give me a second estimate. I may get a 3rd as well. I don't know if the adjuster will give me an estimate or not - or if they'll just want one of my bids...
So...what should I expect? Thanks for any help...
EDIT: I forgot to mention (somehow) that my house (and many of my neighbors) all have hail damaged and "total losses" on their roofs and had them replaced. I didn't at the time, because I simply didn't havethe money, and I didn't think it was "that bad" - that being my non-expert opinion based on my roof not leaking...(yeah, kind of dumb...lol)
Anyhow.
The new insurance company sent a guy out to check my roof and it failed badly enough to where they won't cover me because of it, so, I can't switch...yet.
So...I checked into my homeowner's policy, and it's cash-value, instead of replacment cost. From what I understand, they base it off the life length of the roof (original, 1995 home) with a max of 50% for depreciation (meaning they'll pay at least 50%...), but I don't know if their payout is based off a number they pull out of the air for total replacement, or if it's based on my quotes/bids that I get from 3rd party....
With that, I've filed a claim with my insurance carrier.
Speaking of quote/bids, I've got one company that gave me a bid, so doing the math, I know what I'll have out of pocket. I have another company that will be going out to give me a second estimate. I may get a 3rd as well. I don't know if the adjuster will give me an estimate or not - or if they'll just want one of my bids...
So...what should I expect? Thanks for any help...
EDIT: I forgot to mention (somehow) that my house (and many of my neighbors) all have hail damaged and "total losses" on their roofs and had them replaced. I didn't at the time, because I simply didn't havethe money, and I didn't think it was "that bad" - that being my non-expert opinion based on my roof not leaking...(yeah, kind of dumb...lol)
Anyhow.