Happy Spring!  We hope you'll enjoy this edition of the Brooker Bulletin, which is distributed quarterly and contains useful tips and helpful information for you and your family.

Your roof is important, keeping your house and belongings protected from the elements.  When your roof is damaged, your homeowners insurance policy will provide some measure of coverage.  However, not all insurance policies are identical or provide the same level of coverage.  It is important to read and understand your homeowners insurance policy, especially when it comes to your roof.

Replacement Cost Coverage means that the insurer will pay the full cost to repair or replace the damaged property with new materials of "like kind and quality" to that which was damaged.  However, to receive the full replacement cost, many insurance policies require that the damaged property be repaired or replaced within a reasonable time frame, such as 180 days from the date of the loss.

Actual Cash Value means that the insurer will pay the current cost to replace the damaged property, less depreciation.  The depreciation takes into consideration the aging and wearing of the damaged property.  This means that the insured will likely not be fully compensated for the cost to repair or replace the damaged property. 

Remember that regardless of whether you have replacement cost or actual cost coverage, your claim will also be subject to a deductible provision.  The deductible is the amount of out-of-pocket expense for which you are responsible before your insurance coverage begins.

If you have questions about your homeowner's insurance and the type of roof repair/replacement coverage in your policy, call us today at (440) 238-5454.