Quote:
Roof Actual Cash Value – HH 04 93
Under your current policy, roof losses due to hail/wind are settled at replacement cost unless selected otherwise.
Starting on your renewal date, if the roof on your home is more than 10 years old at time of loss, roof losses due
to hail/wind will be settled on an Actual Cash Value (depreciated) basis. Actual Cash Value takes into account
the fact that the roof has existed for several years before it was damaged and therefore has already suffered a
certain amount of wear and tear. Please see endorsement HH 04 93 within your renewal offer. In some cases
you will receive a discount on your renewal premium.
Am I to understand that there should be no depreciation on the roof amounts? My paper work shows depreciation but I was under the old policy that should be settled at actual cash value according to the notice above or are they trying to pull a fast one?