State Farm Roof Depreciation

In 2012 hail and wind damage cost state farm insurance more than 3 9 billion.

State farm roof depreciation.

State farm is to be congratulated for acknowledging this adjustment principal because many of its insurance competitors and their attorneys try to argue around this concept. Calculating depreciation based on age is straightforward. Let s say your roof is supposed to last 20 years and it s 5 years old when damaged. The roof depreciates in value 5 for every year or 25 in this case.

Subtle damage caused by wind or hail often reduces the life expectancy of roofing materials. State farm has issued its own operation guidelines directing its claims handlers on when hail and wind damage to composition roofs may be covered. Contact your state farm agent before installing an impact resistant roof or for more information about roofing discounts and other home safety and security information. Homeowners filing claims are often confused by the forms inspections and dealing with insurance agents.

Calculating depreciation begins with two factors. We value your privacy. The replacement cost of the roof and the expected lifetime of the roof for example the average cost to replace a roof is 10 000 and asphalt roofs generally have a lifespan of 15 years. If your policy is for rcv your insurance company will pay the replacement cost value of your roof at the time of a covered loss.

We may collect personal information from you for business marketing and commercial purposes. Insurance claims for roofs were a part of that exorbitant figure. The company warns its employees that granular loss occurs naturally during the weathering process and that granular loss itself is not covered since it does not affect the watertight integrity of the roof. This means the replacement cost value minus your deductible.

To certify your eligibility print and complete the appropriate certification form. When a claims adjuster looks at a roof he will consider the condition of the roof as well as its age. Generally the older your roof the higher the amount depreciated or not covered under your policy. State farm has a convenient online claim reporting process for roof claims as well as helpful information about choosing a qualified roof contractor.

How is depreciation on a roof calculated. Roofing installation information and certification form. The recoverable depreciation also happens to be 5 000 10 000 replacement value less 5 000 actual cash value. In addition the shingles were no longer being manufactured.