The Biggest Problem with Siding and Roofing Claims
In the many home insurance claims we've seen over the years, roofing and siding claims cause the most frustration for policyholders. Why? Because when siding and/or roofing is damaged as the result of a covered claim, there is always the chance that the replacement siding/roofing will not match what's left. And for most people, their home is their biggest investment and a tremendous source of pride. If the replacement materials look crummy, then how does that make them look? Totally understandable.
Why The Problem Occurs
We've discovered that most of the problem occurs simply due to a lack of understanding of what the homeowners insurance provides in the event of this type of loss. Truthfully, that's probably 99% of the reason for most issues with insurance claims.
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The Duty of the Homeowners Insurance Policy Post-Covered Loss
The insurance policy is is designed to place you in the same financial position following a loss that existed before a loss occurred. This is also called indemnification.
So, if you have a hole in your house, the insurance company’s obligation is to repair the hole. If you are missing siding, they are obligated to put siding back on. If you’re missing roofing, their obligation is to put roofing where the wind ripped it off. See a pattern here?
Notice I DIDN’T say they are obligated to make it match and look aesthetically pleasant, complete with a rainbow, puppy dogs and chirping birds sitting on your windowsill.
The policy simply doesn’t say that. Trust me- NO insurance policy sounds THAT pretty (don’t I wish). Don’t get me wrong- it’s not like the insurance company is going to slap on new red siding next to your existing canary yellow siding. And they do try to do what they can. But claims adjusters are bound by the policy.
What if your siding and/or roofing is simply worn out or weathered due to time and exposure? Same answer applies.
What if your Siding and/or Roofing Materials are simply no longer made/obsolete/not available? That answer is the balance of this post. Luckily a solution exists. Read on for the solution and how you can get it.
Introducing the Dwelling and Other Structures Siding and/or Roofing Restoration Coverage from Erie Insurance
The purpose of this coverage is simple: to reimburse the insured for the cost of replacing undamaged siding and/or roofing of the dwelling and other structures when the materials found on the covered loss area are no longer available.
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How It Works
Here's an example of how it works: after a big windstorm, you discover your 15 year old vinyl siding has been discontinued. Depending on how much coverage you purchase, you would have up to the amount purchased to replace all the siding so it’s a match. Nice solution isn’t it?
It bears reminding: this coverage does not apply to mismatches due to weathering, fading or normal wear & tear. But, if the siding or roofing is simply not manufactured anymore or otherwise available, it would. It also only applies to vinyl or aluminum siding and/or composition shingle roofing.
$10,000 coverage is the minimum available, with a maximum of $30,000. This coverage is bundled with several other options, but I’ve seen annual premiums for the bundle to be between $75 and $150. Pretty decent investment to save a lot of heartache.
Payment under this coverage is on a reimbursement basis, based on a paid invoice. So the replacement of the siding and/or roofing must happen first, then Erie will reimburse up to the coverage amount.
We're excited that this solution exists. It doesn't handle EVERY roof or siding situation, but is a welcome relief for those instances where siding and/or roofing is no longer made or available.
Claims time is the NOT the time to find out you have a below average policy and agent. Give us a call at (937) 592-4871 or request your home insurance quote on our website today!