Quote:
Originally Posted by kp11364
I'm not sure I'm following the logic here... so if you have a 10yo roof, Kin is only covering the value of a roof that is 10yo? If you have damage, they won't pay for putting on a new roof, only what a 10yo would be valued at? How do you put up a new roof that's 10yo? Recycled shingles?
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It’s seems that they treat the roof as a depreciable asset as opposed to a full replacement cost item. This makes perfect sense to me. People have been using and abusing insurance companies for years expecting them to pay full replacement cost on several insurable assets (cars, boats, roofs, etc.) that have little serviceable life remaining.
Certainly if someone wants to pay the higher premiums for full replacement cost and the insurer is willing to accept the risk, then that’s a different issue altogether. I’d much prefer to keep my premiums lower and have the insurance company simply cover the value of the asset on a depreciated basis.