Did you know that your homeowners insurance covers matching materials? Insurance companies are required to offer it so your home doesn’t look like a patch job. But that doesn’t mean you’re going to end up with a house that looks entirely brand-new. Unfortunately, many insurers have inserted into their policies a limitation clause which can cause dramatic costs to be paid out of your own pocket that at one time were automatically paid for by an insurer during a property damage claim. Get what you are owed and manage your expectations by learning more about matching coverage for undamaged materials in Tampa.
Reach out to Altieri Insurance Consultants Tampa today so we can review your insurance claim and policy for a solution to help you get your life back!
Florida Has a Matching Materials Law
Insurance companies in Florida are required by law to include matching repairs and replacements in their homeowners insurance policies under certain conditions. If the only materials available for damaged parts of the home do not match the surrounding undamaged area in quality and appearance, then homeowners should qualify for matching coverage.
Matching coverage applies to most housing materials:
- Roofing
- Siding
- Flooring
- Wall coverings
- Cabinetry
This coverage was originally designed to put you back into the same position you were in prior to the loss, to preserve the curb appeal of your Tampa home, and to prevent premature damage from older materials failing to integrate with newer renovations.
Are There Limits to My Matching Repairs or Replacements?
Tampa insurers are only required to offer matching coverage to a reasonable degree. This is why many homeowners insurance policies have a 1% endorsement sublimit to meet regulations while limiting compensation paid on claims to minimal amounts.
The 1% endorsement for matching coverage refers to a cap of one percent of your total dwelling limit (Coverage A). If your dwelling limit is $200k, then your matching coverage limit would be $2,000.00. Consider the potential out of pocket costs you incur after a partial loss with an insufficient sublimit for elaborate kitchen cabinets, continuous flooring, or roofing materials. Matching new materials, against older materials that remain in place, create an aesthetical difference easy to see if left in place, impacting the overall value of your home.
Some policies offer an add-on to increase the limit for matching materials and replacements, but of course, at an additional premium.
Read more > What Florida Homeowners Need to Know About 1% Matching Limitations Before Hurricane Season
How to Get Matching Coverage In Tampa
1. Understand the Fine Print In Your Policy
Deliberately constructed phrases and selective terminology can make a difference in what you are entitled to receive for matching material coverage. Usually, there will be discrepancies surrounding reimbursement purely for aesthetic purposes.
2. Know Your Florida State Regulations
The rules on matching coverage can differ by state. For instance, Florida has a state rule that applies to property insurance in Tampa called the “incurrence” rule. Under this rule, matching materials used to replace undamaged parts of the property won’t be calculated under Actual Cash Value (ACV). Policyholders are required to complete repairs and spend the excess money out of their own pocket before a carrier will even consider reimbursement, if they do so at all.
3. Consider Optional Matching Coverage
Including additional matching coverage to your homeowner’s insurance policy can help cover the leftover expenses that remain after receiving your initial 1% of reimbursement. Optional policies sometimes allow the freedom of selecting specific types of materials or areas of damage.
Learn more about getting a fair settlement > Should I Get a Second Inspection Before Accepting an Insurance Settlement?
Let Us Help You Navigate Your Matching Coverage Policy. Reach Out to Altieri Insurance Consultants Tampa Today!
Not sure what your matching material policy covers? Contact Altieri Insurance Consultants Tampa today at (813) 247-4757 to meet with a reputable public adjuster near you for an expert policy review. We’re the partner property owners rely on!
