In some areas of the nation, ACV policies are more popular. ACV means you do not get depreciation.
Several insurance policies cover full replacement cost. If you are unsure, ask your roofing contractor or local agent. The money held back is usually cut as a secondary check after you or your roofing company turn in a signed estimate or a final invoice.
If you do not spend all of your available depreciation money to get your home entirely fixed, your insurance company will subtract your deductible from the final lower-priced invoice rather than the total claim originally allowed.
In other words, the insurance adjuster will keep any depreciation monies not spent on repairs.
When your final bill is turned in, your insurance adjuster, and sometimes your mortgage company, may want to do a final inspection just to ensure that you've spent your money making the proper repairs before releasing the second depreciation check.
Depreciation is the amount of money withheld from you until the work is finished. By withholding depreciation funds, your insurance adjuster ensures that they only pay the balance after you pay your deductible.
The insurance company will meet, but not exceed, your roofing company's “fair market value" invoice, less the deductible.
If you do not spend all of the money allowed, the insurance company keeps the difference and will pay you the balance.
Hopefully, you will have found this little article about roofing depreciation beneficial. This can be a confusing topic if this is your first time to file a roof claim. I've suggested a few more websites where you can find similar articles on depreciation. END AKISMET -->
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