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Matching Coverage Can Be Confusing – Our Infographic Will Help!
Your home or business just recently received major damage due to a storm. What now? You were most likely already on the phone with your insurance company or a public adjuster, trying to figure out the next steps. If this is the case, then you probably heard them tell you about matching coverage. So, what is matching coverage? Keep reading to find out!
Replacement Costs
Before we get into what matching coverage is, we need to tell you about replacement costs. In the case of a disaster, such as a flood, significant roof damage, siding damage, etc. your insurance company will assess the extra cost of replacement based on your current policy. This is not the same as covered peril, which accounts for anything your insurance company will already pay to replace. Generally, replacement costs are a good thing as the damage done to your property is getting fixed, right? Not necessarily. A lot of the time trying to get the exact same look as your basement, roof, siding, etc. before the damage is impossible, mainly due to the fact that outdated materials are no longer able to be used in repair. So, what now?
What is Matching Coverage?
When your insurance company can only replace part of your siding because of high replacement costs, one half of your siding will look completely different from one other. This is where matching coverage will help save you thousands of dollars on a siding replacement to get the undamaged siding to match the newly replaced siding.
How Does Matching Coverage Work?
When you have a case of mismatched siding due to a disaster, matching coverage makes sure that the insurance company will also pay to have the entire siding replaced to create a matching or cohesive look. It is important to note however, that any damages to your property that were not from the peril will not be covered in a matching coverage assessment. An example of matching coverage would be in a hailstorm. If the hail damaged one section of your siding, the only way to properly replace the siding, would be to replace all of it to make it cohesive.
Do All Homeowners Insurance Policies Include Matching Coverage
This is a very common question we receive as a public adjuster during the beginning of the claims process. The answer – it depends. While similar at times, every homeowner’s insurance policy is different from one another. For certain homes, if you live in a flood zone for example, there may be the option to purchase additional flood insurance coverage. This same concept can be applied to matching coverage. Ultimately, in order to check if you have matching coverage, the best place to check would be your homeowners insurance policy.
Should You Buy Matching Coverage?
As a public adjusting company, we highly recommend you buy matching coverage. For all the reasons we stated in this blog but just in general, as it will most likely save you thousands of dollars in the long run. We especially recommend adding it to your policy if you haven’t done so already, if you have not completed renovations to your house in a long time. As your house gets older, so do the companies that produce various shingles, siding, flooring tiles, wallpaper, etc. for your home. You are more likely to receive an updated look to your house in the end if a disaster has caused your home to need a replacement of any kind.
Do You Need Help With Matching Coverage On Your Insurance Policy?
Through this blog, we hoped you learned a bit more about what matching coverage is and how it can help you save a lot of money at the end of your settlement. You know who else can save you a lot of money during an insurance claim? Performance Adjusting. Our staff here is ready to help you with any question you have about matching coverage on your insurance policy. We will take over the entire insurance claim process for you and in the end, you will receive the money you deserve from your insurance company. If you need us, call us or contact us today!
