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Article Courtesy of NBC
Channel 2 News SW Florida
By
Dave Elias
Published September 27, 2023
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WATCH VIDEO |
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It turns out many of these homeowners thought their roof was fully insured for
complete replacement… when in fact, it wasn’t.
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Many Southwest Florida homeowners are discovering that they
have what’s called a “roof replacement schedule.” That
basically means if you have an older roof that’s damaged in
a storm like Ian, you could end up paying for half of the
repairs, and in some cases, that can cost you as much as
$15,000 if you don’t have complete replacement cost on your
policy.
Jacky Maxwell was at odds with her insurance company for
months before she finally agreed to a settlement.
“The roofing company decided to put a lien on my home
because the insurance company was dragging their feet in
paying,” Maxwell explained.
When that lien was paid and finally removed, Maxwell
received another lien that was placed there by the company
that repaired her roof.
“I called the roofing company, and I was told I still owed
over $11K, the depreciated value on my roof, which was never
mentioned,” Maxwell said.
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Property liens are being placed on some Hurricane
Ian-damaged homes, and owners may be completely unaware of why.
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Think of it as a higher deductible on your car. You pay a little less each
month, but if there’s an accident, you pay for half of the damages.
“Everybody is looking for a discount and a way to save some money, but at the
end of the day, it’s causing them more grief and out-of-pocket expense,” said
Gregg Martin, owner of Eagle Roofing.
While Martin’s company didn’t repair Maxwell’s roof, he said when insurance
companies won’t pay the full roof repairs, companies like his and homeowners are
left holding the bag.
Insurance agent Reid McDaniel said it’s quite common.
So, the question is, how is this happening?
“Their roof may not be insured for replacement costs. Unfortunately, we’re
finding a lot of agents are not disclosing that to clients,” McDaniel explained.
He said he always urges homeowners to get complete roof replacement coverage so
that they’re not caught off guard.
While homeowners may save a little each month on their policy, it may not be
worth it when a storm damages the roof.
“Ultimately, you’re going to be really upset when you have to get a new roof,
and it’s $25K, and maybe you’re only getting $14K from the insurance company,”
McDaniel said.
McDaniel said the best advice now that we’re in the peak of hurricane season is
to check your insurance policy to make sure your roof is fully covered.
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