Quote:
Originally Posted by rsmurano
None of this makes sense. I know many Chevy and fords that are 50 years old that are worth many times the original cost of the car, so if they are insured, they better pay up if an accident occurs.
As for insurance, why would insurance companies pay for a 15 year roof? Roofing wears out with age, not sure in 15 years but at some point they stop providing protection. I would think that if an inspector checks the roofing and it has much more life to it at 15 years, then the insurance company should insure it for the same price as the year before but with any normal increase for inflation. This is what the new law should state, not that everyone has to buy a new roof after 10-15 years. Just like a car, your insurance doesn’t cover wear items like tires, engine repairs, paint, etc..
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Your idea does seem to be practicle and could help stop the "free roof" claims.I was in the insurance adjusting biz in Florida for 40 years. Replacement cost policies have been the norm since I started. Do not know why you can not buy an ACV(actual cash value) policy from a normal insurance company(I did work for Lloyds and they offered to sell an ACV policy) but do suspect that the lenders/mortgage company had a lot to do with this as they, also, want to be protected.
Even if an ACV policy was made available I ? if there is a market for this type of policy. Insureds want a policy which will pay for the damages less the deductible.