Your home is your castle, and you’ve invested a great deal of time and money to make it look its best. When weather, water, fire, or another loss event damages your home, your Homeowners Insurance policy is designed to get your home back to the state it was in before the loss occurred.
But what happens if your shingles or flooring get damaged only in a small area, or just one side of your house, or one slope of your roof? If your materials are 5, 10, 15 years old, the manufacturing company may have phased out your exact product, and your contractor may not be able to find a replacement that looks seamless against your existing, undamaged structure. Do you live with the mis-match? Fund the other three sides of the house out-of-pocket? With roofing costs continuing to increase, the choice is more difficult than ever.
That’s where Matching coverages come in. The coverage is designed to fund a tear-back and replacement of undamaged siding, roofing, flooring, or wall finishes so that a repair will blend with the existing structure. Matching endorsements are added onto your Homeowners insurance policy as an additional coverage. Some companies split the endorsements between interior and exterior finishes, and some combine them into one. The limit can be a percentage of Coverage A, or a set amount.
Finding the Perfect Match
When choosing your Matching coverage options, consider the age, quality, and value of your existing finishes. Are the manufacturers of the materials still in business, or do you even know who they are? Do you have the same flooring throughout your home, or is each room different? How many slopes are in your roofline? Do you have high-end, custom finishes inside or outside your home? Have you recently replaced or remodeled sections of your home?
As with any claim, you’ll want to consider carefully whether the potential payout, minus your deductible, will be worth any potential increases in premium due to a loss, or potential non-renewal due to multiple losses. Insurance companies are tightening their guidelines for accepting new business and renewing existing business, in an attempt to minimize losses and maintain their financial stability. Multiple claims in a short period of time are a signal to insurance companies to non-renew the risk, and make it more difficult to shop for replacement coverage.
Does your Homeowners Insurance need to be matched with a new endorsement for Matching coverage? Have a talk with your favorite Kasmann Insurance agent to find out today.
Insure with the People you Trust
The insurance industry is going through some major changes, but one thing that will never change is our commitment to doing what’s best for our customers. We appreciate the trust that you’ve put in us as your Insurance Agents, and work hard every day to continue to earn that trust. We understand that insurance costs, like so many other expenses, are on the rise, and are putting pressure on household budgets. We remain focused, as always, on providing quality service and products that meet your needs and fit within your budget. If you have any questions about your Personal Lines policies, please email Anne or call 573-442-1105. Thank you for your continued partnership – we truly love what we do, and are thankful for the opportunity to do it!