My roofer, through negligence, ruined my homes interior. they apparently cover cash value insurance not replacement value-where does that leave me?
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UPDATED: Nov 4, 2011
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Insurance Question from Concord, TN
Asked on 11/04/2011
My roofer, through negligence, ruined my homes interior. they apparently cover cash value insurance not replacement value-where does that leave me? NULL
Answer given on November 07, 2011
Some insurance policies only cover for the actual cash value of damaged property, rather than the replacement cost, as most homeowner policies cover. You could contact your homeowner insurance agent or broker to see if your homeowner policy will provide coverge for your belongings that were damaged, presuming the cause of loss was a covered peril, such as water damage. If there is coverage, you should file the claim. The adjuster may go after the roofer and his insurance company after they settle with you. It is possible there is no coverage, since most homeowner policies do not cover for damages caused by faulty construction, but that usually applies to the home and not contents.If your insurance company does not cover the damage, your only recourse seems to be to file a claim with small claims court for the difference in the amount paid by the insurance company and your actual loss.
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