Gary called Integrity Roofing and Painting to discuss the replacement of his roof system. When Jerry Fristoe arrived at the property in Monument, Colorado he was prepared the following events that were to unfold. After the initial greeting and interview process Gary agreed to allow Integrity Roofing and Painting to replace his roof.
While reviewing the policy it appeared that the insurance coverage was for a cedar shake roof. As a result the underwriters wrote the coverage for an actual cash value policy instead of replacement cost. The actual cash value is for the depreciated amount or “garage sale value.” Immediately Jerry requested that the insured call the agent to verify coverage. The agent was unavailable and the adjuster was contacted. The adjuster had written the loss statement for a replacement cost policy.
Shortly before installation Integrity contacted the agent and once again the question of AC V or RCV was deferred. This time an insurance underwriter was contacted and confirmed that the policy was written for a wood shingle roof and the insured’s policy was for actual cash value. However, once they realized that the material was a Masonite Woodruff composite shingle they corrected their oversight and agreed to pay replacement cost for a like-kind material.
Had the insured not reported to the Insurance carrier that their product was not a Cedar Shake, they would have had to pay the depreciated amount plus their deductible. This would have been a financial burden for our client. Once the roof product was properly classified our insured was only responsible to pay their deductible.
Monument Colorado is an outlying city of Colorado Springs. Many homes in the surrounding areas of Denver and Colorado Springs have the Woodruff simulated wood shingle. If you have a simulated wood shake roof now would be a good time to review your policy to divert a financial hardship. Check with your agent to verify replacement cost coverage for your roof.
Please call the Colorado Springs Roofing Contractors for all of your replacement roof needs.