As the spring grows close you need to know the age of your home’s roof. If your home is hit by a storm this year, it is ideal to let your roofing contractor know the age of your roof. There are a few reasons why. First, if your home’s roof is very new there is a good chance that it holds up during the storm. Second, the older it is the more likely that it is a discontinued product. Therefore, will not be able to be repaired properly after storm season. Lastly, the age of the roof determines how much it will be depreciated (if you have an ACV policy).
When you are contemplating whether or not to use insurance, this will most likely help with your decision. Although, I would argue if your roof needs to be replaced, especially after storm season, it may be better to try and get insurance money. That being said, the differences in coverage for these two policy types can be drastic. As you can see in the figure to your right, AVC policy does not cover the cost of depreciation on a roof. This means the older the roof the less that is covered. Whereas an RCV policy pays for the depreciated value of the roof no matter the age. If your home encounters a storm knowing this can save you a lot of confusion on the back end!
If your home encounters a storm event this year it is a good idea to have a plan. What are the steps you will take to remedy the issue and bring your home back up to pre-storm condition? This can be as simple as researching a contractor and knowing who to call if a storm happens. It could also be a bit more in-depth. You could create a file with all your policy information, research your contractor, and spend some time learning the insurance process. All of this will make your life 100x easier if something does happen. Instead of panicking and getting overwhelmed you will be able to calmly walk through your pre-determined steps and execute your plan!