How Does Openly Handle Wind / Hail Roof Settlement?

Wind / Hail Roof Settlement is on the Coverage tab in the Portal.

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If the location address is in Georgia, the option for ACV will not appear if the roof is 15 years or less. 

If the location address is in New Mexico, the option for ACV will not appear.

For all policy types, the options are Replacement Cost and Actual Cash Value.

  • Replacement Cost: In the event of roof damage, the payment loss will be based on a new roof or similar quality.
  • Actual Cash Value: Uses a schedule to determine the replacement cost percentage applied to a roof loss. This schedule will use 2 data points to determine the replacement cost percentage to pay: the roof material and the roof's age.

This approach removes the need to interpret the roof's current value when the loss occurred and allows the Policyholder more transparency into their loss settlement calculation.

Contact us via our webform or Live Chat if you need further assistance.

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