Commonly Asked Questions About Roof Replacement Insurance

Roof replacement can be confusing. Fortunately there are professionals out there that can help walk you through everything you need to know. If you’re looking to file a claim, or just want to know what to expect when planning the replacement, here are a few of the most commonly asked questions.

 

How Much Will Replacing My Roof Cost?

The estimate for your roof can vary based on several factors. Usually you will only need to pay the deductible on your insurance and for any upgrades. Be aware that some insurance companies may have you cover the cost up front and then send you a check. If your check is for less than you expected, it may be due to depreciation.

 

What Do These Terms Mean?

There are many terms you’ll want to know when looking at your roof replacement estimate. Actual cost value and replacement cost value are often abbreviated as AVC and RCV. These are the retail cost of what it will take to replace the roof and the actual cash value of the roof in question. Other terms include betterment which means that an improvement will add value to the property, and depreciation which is a loss of value to the property.

How Do I Know My Roofing Company is Legitimate?

Many insurance companies have roofers they recommend based on the needs of your claim. If you choose your own it’s a good idea to look at what the company advertises since, unfortunately, there are some scammers out there. If a company offers to pay your deductible for you it’s a sign that not everything is legitimate. Also check that any referral fees are reportable as taxable income, and that the fee is the same regardless of a roof purchase.

Now that you know these things you should have a good start on knowing what to look for when replacing your roof. If you have more questions regarding your roof replacement or insurance, you can contact a professional and ask them to go over them with you more thoroughly.