[NoMoSno]

Originally Posted by Blueblaze

Name one company that offers a policy on the depreciated value of a roof. I couldn't find a single one.

If you can afford to replace your roof every ten years for a full-replacement policy, then you can damn sure afford to replace it when it needs it, and pay half the cost to insure it. DO THE MATH. Whats the point of paying $15,000 to buy a roof you don't need, just so you can pay $2000/year to insure it? In 7.5 years, that's a new roof!

The state just made it illegal for the insurance cartel to force you to buy a new roof you don't need. There will be two possible results.

1) The Insurance cartel can hike EVERYONE'S rate so they can buy everyone a new roof every time some fraudster tells them to. Which is exactly what they intend to do.

2) OR -- they could offer you a depreciated value policy on your roof.

Why not let the consumer decide what they want to buy? Yes, if the house burns down, I want full-replacement cost for everything. But that doesn't mean I expect a new roof every time a storm loosens a few shingles. They can depreciate the roof for weather damage and still sell you catastrophic coverage on the house.

You don't buy insurance against the cost of groceries. And it's just as stupid to buy expensive insurance to cover the cost of maintaining your home. In the long run, you wind up paying the same cost PLUS the insurance company's profit.

DO THE MATH!

Kin offers a depreciated roof value policy:
Roof Surfacing Payment Schedule | Kin Insurance