Policies in the insurance world seem to always be changing. One recent change is with coverage on the roof of a home, informs Stanton Insurance Co-Owner and Operator Jenna Stanton-Clayton:
“One of our companies is changing their roofs. Instead of getting full replacement all the time at 15 years of age or older, the roof would go to what they call actual cash value, which just means you are not going to get full replacement, you will only pretty much get the value of the roof to replace or fix the damage. This has now gone to 11 years. I foresee that eventually, just like National General does right now is start at day one. So, they depreciate your roof at day one. This is only for events of wind or hail. Also, I have a feeling that eventually they are just not going to cover roofs anymore.”
With the cost of rebuilding, Stanton-Clayton says we could be at the peak, but as far as insurance premiums, she doesn’t anticipate those peaking for a few more years.
