Before you need it
Before You Need It: The What-If House
Walk through a fictional house and find the questions worth asking a licensed agent.
Roof
Your roof is insured. Does that mean insurance pays for a new one?
Select a detail in the scene to read what it raises.
Three words that decide the check
Replacement cost: what it costs to install a new roof like the one you had. Depreciation is held back at first and paid in a second check once the roof is replaced.
Actual cash value: the new-roof price minus depreciation for the roof’s age and wear. What is held back is not paid later.
Deductible: the amount subtracted from the claim payment. You pay that part.
Questions you may want to ask your licensed agent
- Is my roof covered at replacement cost, actual cash value, or under a payment schedule?
- Which deductible applies to wind or hail damage?
- What conditions must I meet to receive any additional payment after repairs?
That explains the situation. What does your policy say?
A CoverageDecoder report takes your answers, and your policy if you upload it, and explains, without the insurance jargon, what it addresses, what it limits, what it leaves out, and what you pay first. Your questions for the agent come written, with an email ready to send.
Works for homeowners, renters, condo and townhouse owners, and first-time buyers. No policy yet? The report works from your answers alone.
Source for review: Texas Department of Insurance, Home insurance policies: replacement cost or actual cash value? https://www.tdi.texas.gov/tips/home-insurance-policies-replacement-cost-or-actual-cash-value.html (link opens in a new tab). Sources are for review and general education.
CoverageDecoder is educational only. It does not sell insurance and does not give advice about your specific policy. Your actual policy and a licensed agent control any decision.