Prorated insurance coverage just makes sense

Prorated insurance coverage just makes sense

I’m at a loss when it comes to roof coverage insurance here in Florida. Places like Florida, Alabama, Mississippi and Louisiana are much more at risk of losing their homes than people in Maine. Ergo, they need different liability laws. The funny thing is that these laws have been around for decades now. These are called prorated replacement laws. If an insured wishes “full” coverage, there is a premium for this. And there’s also a premium for “zero” coverage, no matter how silly that might be. In between, there is a sliding scale of coverage accompanied by a sliding scale of premiums. In summary, if I own a house that is 10 years old and the average life of a roof is 20 years, then why should a claim be paid for a new roof if I have already used half his life? The claim should be for “half the cost of a new roof”. Welcome to the new millennium!

Alex Kendziorski, Lakeland

Join the discussion

The Ledger encourages its readers to share their opinions through letters to the editor. Submit your letter by clicking here, or send it to voice@theledger.com. Include your name, mailing address, phone number and email address. Only your name and city of residence will be printed. Letters are limited to 200 words or less and are subject to review.


Source link

Justin D. O'Neill