You have faithfully paid your homeowner’s insurance for over 13 years paying thousands of dollars in premiums. A severe hail storm hits, and your roof is badly damaged leaving your home, household furnishing and cherished possessions in danger of damage if the roof is not repaired quickly. You know you have homeowner’s coverage so there is not reason to worry. Unfortunately, your roof will cost $100,000 while your homeowner’s insurance provider is offering only $70,000 claiming that the difference between the cost of repair and the amount that they have offered to pay is a product of depreciation because the roof is 13 years old. This can be a scary proposition for homeowner’s who do not have an extra $30,000 to cover the difference. Sadly, many people who have needed an Oklahoma roof replacement have found themselves in exactly this situation.
The bad faith insurance attorneys at The Bennett Law Firm has represented hundreds of Oklahoma homeowners whose homeowner insurance carrier refused to deal fairly with them. When it comes to insurance claims for roof damage, is important to understand two different types of insurance coverage:
Full Replacement Policy: This type of policy generally refers to an insurance policy where the payment of a loss is based upon the actual amount of money necessary to repair or replace the roof without deduction for depreciation. Full coverage typically will provide the full amount of compensation necessary to repair and replace your roof less any deductible.
Actual Cash Value Policy: This type of policy compensates an insured for the value of the roof at the time of the loss, taking into account the age of the roof and depreciation from wear and tear. Actual cash value coverage will typically pay less than the full cost of the roof. Based on the age of the roof, the difference can be substantial meaning that an insured may find it difficult to cover the difference necessary to have the roof repaired.
Many homeowners purchase full restoration coverage and expect that if hail or wind damages their roof their claim will be covered. Some people who pay for full coverage may find that they are canceled by their homeowner’s insurance policy based on wear and tear to the roof. The insured may be offered a new policy that provides only actual cash value. This unfair practice is unfair to an insured that has faithfully made the high premium payments associated with full replacement coverage for years.
If you have suffered roof damage and your homeowner’s insurance policy is insisting on paying an amount that is far below the estimated cost to repair or replace your roof based on the age of the roof and depreciation, it is important to carefully review your homeowner’s insurance policy. If the policy was canceled by your insurance company, which provided a new policy it is important to review both policies. If you have paid the higher cost for a full replacement policy, then you are entitled to receive the coverage for which you have paid. If you believe you currently have or previously had full restoration value coverage and your insurance company is offering less than the value of your roof, the experienced Oklahoma bad faith insurance attorneys at The Bennett Law Firm will negotiate with your insurance company to obtain the full compensation to which you are entitled. If your insurance company refuses to deal with you fairly, we can file a lawsuit for bad faith against your homeowner’s insurance carrier, which may include damages for your insurance provider’s unfair dealing in addition to the benefits for which you paid.
Most people assume that if they pay for insurance coverage, they will receive that for which they paid. Unfortunately, insurance companies can increase their profits by paying smaller benefits based on depreciation, after collecting the higher premiums associated with full coverage. If your homeowner’s insurance company refuses to deal fairly with you and insists on cheating you by reducing the amount they offer for roof damage based on depreciation despite the fact you had or have full coverage, The Bennett Law Firm will diligently pursue your rights and the full compensation to which you are entitled. Our experienced Oklahoma bad faith homeowner’s insurance team of attorneys and staff will aggressively seek the benefits provided for in the policy. If your homeowner’s insurance company refuses to deal fairly with you, our experienced homeowner’s bad faith insurance lawyers can file a lawsuit for bad faith to help you obtain the full compensation that you deserve and to punish the insurance company for failing to honor their contractual obligations in good faith.
When our client’s homeowners insurance company breaches the contractual duty to provide the full value of homeowner’s insurance benefits under a policy, our bad faith homeowner’s insurance attorneys use their expertise and experience to compel the insurance company to perform the contractual obligations for which they have collected premiums. The Bennett Law Firm works on a contingency fee basis so you do not pay attorney’s fees unless we obtain a favorable settlement or court judgment on your behalf. This means that you have nothing to lose and everything to gain.
Feel free to schedule a free consultation online or call The Bennett Law Firm at 405.272.0303 to discuss your legal options with an experienced Oklahoma City lawyer today. No Recovery, No Fee! We will meet with you face to face and can handle cases anywhere in Oklahoma. We can even come to you!