If at the time of loss the amount of insurance in this policy on the damaged building is 80 or more of the full replacement cost of the building immediately.
Total siding replacement insurnce coverage in md.
After the wind storm we seek for repair work.
The damaged locations were on 2 of the 3 sides covered by the dated aluminum siding.
The client has replacement coverage on the home and the carrier does not believe they have to replace all the siding to match.
So what happens if the siding does not match the existing siding in color due to the age of the.
10 000 coverage is the minimum available with a maximum of 30 000.
Buildings covered under coverage a or b at replacement cost without deduction for depreciation subject to the following.
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Home then your insurance company is only responsible for the repair or replacement of siding on that damaged side.
As noted above your homeowners policy will begin by covering the cost of replacing the damaged sections.
If the policy provides for replacement cost it generally will pay the lesser of the cost to repair the damaged material or to replace it.
This is because it can be difficult to match the color and material of the existing siding especially if it is several years old.
Our home brick front with aluminum siding was damaged in a recent wind storm.
This coverage is bundled with several other options but i ve seen annual premiums for the bundle to be between 75 and 150.
A total of 70 80 sf which accounted for 15 of the total siding area was damaged.
If only one side of your house has damaged siding your homeowners insurance policy may pay for the cost to replace the siding on the entire house.
Most insurance companies are not obligated to make the siding of your home match the rest of it especially if the siding doesn t match because of lack of maintenance.
A dispute arose as to whether the policy language providing for the replacement of damaged property with other property.
And then if you have undamaged siding coverage it ll reimburse you for up to 20 000 of the costs for replacing the remaining undamaged siding so everything matches as closely as possible.
Basically if you ve had the same siding for 15 years and it s lost its color and has rotted and only one part of your home is damaged they ll put in new siding there.
My client s house was damaged by hail the siding is no longer made and can t be matched.
How should this loss be settled.
We discovered the siding is no longer in production and matching in color shape size with the years.
Excerpted from independent insurance agents of iowa iowa agent newsletter june 23 2014.
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