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NOT Homeowners of America - they just included a depreciation schedule on your roof. So over time they will depreciate the cost they will cover for damage to zero. So if your roof is in perfect shape in 20 years, and then you have hail and need to replace it, they’ll only cover the remainder of the value after it’s been depreciated. Assholes.
I believe this is a very common practice with insurance, I am with Allstate and they did the same thing. However, when putting in a claim I worked with a roofing company who coordinated with the insurance company to get back depreciation. Which essential was just a second check in the mail AFTER the roofing work was complete and he sent them an invoice.
Not loyal to anyone in particular. I’ve had AAA on a house and they covered roof. Had travelers on another house and they covered water damage. Currently on State Farm on one and haven’t had a loss yet
Definitely call a broker! We were first time home buyers and didn’t know what a typical rate was… we were paying $3200/year.
We ended up going through a broker after 4 years of that, and got the SAME coverage for half that! So I always recommend a broker for that reason.
Any chance you’re willing to share the name of your broker? That’s pretty amazing.
Not sure where you work but see if your company has a broker service, EY’s service got mine cut in half this year and it was great
If you dig into the benefits website it’s called Mercer? I put in a request and they assigned me a broker of sorts who got me home and auto quotes for like 4 different providers
I would just call a broker or two to run numbers. Be prepared to be unhappy though. We pay roughly $400/mo for a $650k house, which was the cheapest after shopping around and bundling with auto. Rates have gone up a lot lately.