Home Quotes: Roof, Hail Deductible & Wildfire

What's the difference between ACV and RCV on a roof?

ACV (actual cash value) pays what the roof is worth today, which means the cost to replace it minus an amount for age and wear. RCV (replacement cost value) pays toward the cost of replacing it with something comparable, without subtracting for age, subject to the policy's terms.

On an older roof, the gap between the two can be large. Ask which one your policy uses for the roof, whether that depends on the roof's age or material, and whether you have a choice. Policies differ, so we'll show you the wording rather than guess. More on this at home insurance after a hail storm.

Does hail damage to my roof, gutters or siding always get covered?

Not always. Some policies limit or exclude cosmetic damage, such as dents in metal roofing, gutters or siding, that doesn't keep the roof from doing its job. This is worth asking about before a storm, not after. Tell us your roof's material and approximate age, and we'll check how each option treats hail.

What is a wind/hail deductible?

Many Colorado home policies carry a separate deductible for wind and hail claims. It may be a flat dollar amount, or a percentage of your home's dwelling coverage limit. A percentage deductible works out to a bigger dollar amount on a bigger limit, so it's worth doing the math before you need it. Ask to see the dollar figure, and ask whether more than one deductible option is available.

Can I get coverage if I live near the foothills or in a wildfire-prone area?

It depends on the home and the location, and we won't promise an answer before we've looked. Homes west of I-25, in Black Forest, or near past burn areas may be reviewed more closely. Details like defensible space around the home, the roof material and the distance to a fire station can matter. Ask us what helps in your situation.

If your current company has declined to renew your home policy, call us. That's a situation we can work through with you.

What does replacement cost mean for my home?

Your dwelling limit should be based on what it would cost to rebuild your home, not what it would sell for. Market value includes land and location, and rebuilding costs are a different number. Ask whether your limit is based on rebuild cost, and whether extended replacement cost (extra protection above the limit if costs run high after a loss) is offered.

Are my belongings paid at replacement cost or ACV?

Policies vary. Some pay contents at replacement cost, and some pay actual cash value, which subtracts for age. It's a quick question to ask, and it changes what you'd receive after a loss.