Most homeowners have Replacement Cost Value (RCV) insurance coverage for wind and hail damage on their homes, but more and more insurance companies are transitioning their policies to Actual Cash Value (ACV) coverage.
What is the difference and why should you understand it?
Because if you file a claim and you have ACV coverage, you're going to be paying more - maybe a lot more - to repair or replace your damaged property.
Welcome to Homestead Roofing's "Walk In The Park" video series where we spend 3 - 4 minutes answering your commonly asked questions about roofing repairs or replacements and the insurance claim process.
This week, we answer your question, "What's The Difference Between Actual Cash Value Coverage And Replacement Cost Value Coverage?"
Take a walk with us for a few minutes and find out why you could be making a huge mistake if you don't understand what coverage type you have before you file a claim.
Homestead Roofing, Inc is a licensed and fully-insured roofing contractor in Colorado Springs, Colorado and serving homeowners in Colorado Springs, Fountain, Falcon, Peyton, Manitou Springs, Woodland Park, Elbert, and other surrounding communities in El Paso, Teller, Elbert, and Chaffee counties.
Visit the Homestead Roofing website for a lot more information, education, scam alerts, and tips at https://homesteadroofingcolorado.com or call our office at 719-433-6991 if you have any questions about this or any other roofing-related topics.