The short version
- A deductible is what you pay first
- Depreciation reduces payout for age
- Actual cash value and replacement cost differ
- Read your policy to know which applies
The deductible
A deductible is the amount you pay toward a covered loss before the insurer pays the rest. Storm deductibles are sometimes a percentage of the home’s insured value rather than a flat amount.
Know yours before a storm.
Depreciation
Depreciation reduces the value of an older roof in the insurer’s calculation. A policy that pays actual cash value deducts for age and wear, while one with replacement cost coverage may pay more, sometimes in stages.
The details are in your policy.
Roof-specific terms
Some policies treat roofs separately, with schedules based on roof age or material. Read the roof sections carefully, and ask your agent how storm damage is handled.
Keep a record of when your roof was installed.
Planning
Understand your policy before you need it, and ask questions before signing a repair contract. A roofer can explain what a repair or replacement involves, but only your insurer can tell you what will be paid.
For legal or policy questions, consult your agent or an attorney.
General information, not engineering, legal, insurance or safety advice. Roofs, policies and local requirements vary, and every situation should be judged on its own facts. If anyone is in danger, call emergency services first.
