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Home owners insurance depreciation?

I had my roof replaced about a month ago. The ACV of the roof was around $8900. About $1500 was witheld due to depreciation. I have a friend that has his own company and did the total job for around $8500. I was written a check for the $8900 and was told that there was $1500 available in depreciated value once the roof was complete. I believe my friend "cut" me a good deal and I was going to use the other $1500 from depreciation in guttering that the insurance company keeps giving me the run-around on. I have total replacement insurance....it's called the Regal Policy with Oklahoma Farm Bureau. It's the most expensive they have. My agent says that the depreciated value is mine to use because I'm paying for it. The adjuster says..."no, the job didn't cost as much as you were "allowed"..so you don't get it just because you were allowed it." I pay full price weather things are depreciated or not. They don't lower my rate when items depreciate. They still get full price. So..for all of you adjusters out there...who is right? Adjuster or Agent? The company basically valued my roof at $10,400 without depreciation. I got it fixed for $8500. They paid $8900 and kept back the $1500 for depreciation. Thanks in Advance,

Asked By: dylancv62 - 4/26/2010
Best Answer - Chosen by Asker
The policy promises to pay for the replacement of your roof. Per the contract the company replaced the roof. You now have a new roof you even have $400. left over. There is no issue.
Answered By: Tom Z - 4/27/2010
Additional Answers (2)
$1500 was withheld due to depreciation? Withheld from what? Depreciation of what? You say you had a new roof put on for $8500 and the insurer actually gave you $8900. Where's the beef?
Answered By: Caveat Emptor - 4/27/2010
 
I think agent is right, not adjuster. HOWEVER. I think you're really asking, how do you fix this... More
Answered By: mbrcatz - 4/27/2010
 
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