Ok, I think I know the answer to this, but it is opposite of what I've believed for a long time.
Let's say we get hail and it damages only 1 side of your house, but the insureds siding brand and color have been discontinued since the house was last sided. Is the insurance company required to replace the siding on the entire house (thinking pair and set clause) or are they only required to pay for the portion of the siding (one exterior wall) that was damaged, even though they won't be able to match the siding on that wasn't damaged?
Assuming HO5, 100% replacement cost, so no co-insurance penalties.
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Found Iowa (where I'm from) code - 15.44(507B)
191—15.44(507B) Standards for determining replacement cost and actual cost values.
15.44(1) Replacement cost. When the policy provides for the adjustment and settlement of first-party
losses based on replacement cost, the following shall apply:
a. When a loss requires repair or replacement of an item or part, any consequential physical
damage incurred in making such repair or replacement not otherwise excluded by the policy shall be
included in the loss. The insured shall not have to pay for betterment or any other cost except for the
applicable deductible.
b. When a loss requires replacement of items and the replaced items do not match in quality, color
or size, the insurer shall replace as much of the item as is necessary to result in a reasonably uniform
appearance within the same line of sight. This subrule applies to interior and exterior losses. Exceptions
may be made on a case-by-case basis. The insured shall not bear any cost over the applicable deductible,
if any.
Let's say we get hail and it damages only 1 side of your house, but the insureds siding brand and color have been discontinued since the house was last sided. Is the insurance company required to replace the siding on the entire house (thinking pair and set clause) or are they only required to pay for the portion of the siding (one exterior wall) that was damaged, even though they won't be able to match the siding on that wasn't damaged?
Assuming HO5, 100% replacement cost, so no co-insurance penalties.
----------
Found Iowa (where I'm from) code - 15.44(507B)
191—15.44(507B) Standards for determining replacement cost and actual cost values.
15.44(1) Replacement cost. When the policy provides for the adjustment and settlement of first-party
losses based on replacement cost, the following shall apply:
a. When a loss requires repair or replacement of an item or part, any consequential physical
damage incurred in making such repair or replacement not otherwise excluded by the policy shall be
included in the loss. The insured shall not have to pay for betterment or any other cost except for the
applicable deductible.
b. When a loss requires replacement of items and the replaced items do not match in quality, color
or size, the insurer shall replace as much of the item as is necessary to result in a reasonably uniform
appearance within the same line of sight. This subrule applies to interior and exterior losses. Exceptions
may be made on a case-by-case basis. The insured shall not bear any cost over the applicable deductible,
if any.