Restoring a property after hurricane damage is about more than just repairing what was destroyed. It’s about returning to a life of normalcy and what you had before the damage occurred. Most homeowners’ insurance policies would cover the cost of “matching” materials surrounding damaged areas to keep a cohesive and uniform property. That is, until these new policy limits came into play. This guide reveals everything you need to know about the new 1% matching limitation and how to combat it during hurricane season in Miramar Beach.
Trust the partner property owners rely on. Reach out to Altieri Insurance Consultants Miramar Beach today for reliable hurricane claims services!
What Does “Matching” Mean In Property Insurance?
Insurance policies are governed by the Principles of Indemnity, which is layman’s terms for paying to put you back into the same condition you were in before the loss. When you are paid by an insurer to replace only what’s been physically damaged by a covered event, the aesthetic continuity of new materials viewed against the original materials left physically unaffected will no longer match if they are not replaced as well. This anomaly goes against the principles of indemnity which have long been the measure granted policyholders through insurance. To not pay to match materials compromises the aesthetic value of a property.
Homeowners insurance has always covered the cost of these “matching” expenses as a legitimate part of the claim. However, many Florida insurers have been determined to ignore that basic premise to the disadvantage of its policyholders. Then to add insult to injury, there is no corresponding premium reduction associated with this drastic loss of coverage.
The new 1% matching limitation sets a cap on how much you are compensated for replacement materials on undamaged sections of your home in Miramar Beach.
Why Is This a Problem For Miramar Beach Property Owners?
This new 1% limit can greatly reduce what you might have originally received for compensation on matching repairs.
”Matching” damage repairs can affect the aesthetic value of:
- Roof shingles
- Kitchen Cabinetry
- Flooring
- Wall Coverings
- Exterior House siding
Many insurers now take the position that these damages are as nothing more than cosmetic nuisances to them. But when it is concerning the beauty and value of your home, and insurers are not paying for matching, the homeowner is left with the choice to pay for full replacement out of their own pocket or leave their home in a patch repair hodge-podge look. This is not what policyholders have bargained for when they are promised to be put back into the same position as they were prior to the loss.
Homeowners in Miramar Beach deserve fair settlement offers for their hurricane damage. Knowing what to look for in their policy, then make changes with their agent before damage occurs is what is important. If your policy has this type of endorsement, demand that your agent has it removed or finds you a new insurer. The purpose of insurance is to return you to pre-loss condition, and matching is a key factor maintaining continuity of the property and your possessions.
The Fine Print Regarding 1% Matching Limitations
There is a silver lining to this new regulation, and it’s that the 1% rule only applies to matching, undamaged replacements. Your overall homeowner’s insurance coverage remains unaffected by this change other than the potential dollar payment shortfall.
The 1% matching limit in Miramar Beach applies to Coverages A and B. Whatever your total liability coverage limit is, take one percent of that, and that’s the maximum compensation you’re allowed for matching replacement materials. For example, if your policy limit for on Coverage A-Dwelling is $300,000; you’ll have $3,000 in coverage available to cover pay for matching. As an example, if one of your kitchen cabinets is damaged by a covered event and it needs to be replaced, imagine the look of a mismatched cabinet in its place. To have only a few thousand dollars available in your policy to pay for the rest of the cabinets to match would be financially devastating to most homeowners.
What Miramar Beach Homeowners Should Do Before Hurricane Season:
1. Review your policy. Thoroughly.
It’s better to find out now rather than later whether or not your homeowners insurance policy includes a matching limitation. Knowing what your limits are with a professional policy review before a hurricane disaster strikes Miramar Beach allows you enough time to prepare.
2. Get additional coverage (or start saving) if necessary.
If you feel like your matching limit will fall short of what you need, see if your insurance agent offers supplemental coverage add-ons. If not, then have your agent search for a different carrier who will not impose this detrimental pitfall on your policy.
3. Get connected with your local public adjuster.
You can get what you are owed for your hurricane claim when you leave it in the hands of a reputable public adjuster. Having this professional review your policy in advance of a claim could save you thousands of dollars in the long run. Then if you do have a claim, you have the right policy in place as these experts know how to negotiate for a fair settlement offer in Miramar Beach.
Get Ready For Hurricane Season In Florida. Reach Out to Your Trusted Public Adjusters at Altieri Insurance Consultants Miramar Beach!
We’re here to help you get your life back after hurricane damage. Reach out to Altieri Insurance Consultants Miramar Beach today at (813) 247-4757 for a reputable team of public adjusters to handle your claim. Take a look at our success stories to see how we’ve helped people recover after natural disasters.
