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Insurance is a wonderful safety net for when things, inevitably, happen to you, your home, your business, or your car. However, if you are not properly covered when you need it most, your policy could seem like more of a hindrance than a safety net. Therefore, we suggest you take this time during our long winter to audit your policy by asking these simple questions to make sure that when the time comes, your policy has you covered for anything life throws your way.

1. What type of policy do you have?

There are two main types of homeowner’s insurance policies, ACV and RCV.

  • An RCV, or Replacement Cost Value, policy means that your insurer will pay the cost of replacing a product in the current market.
  • An ACV, or Actual Cash Value, policy basically means that the insurance company will guarantee you reimbursement on the initial price of a product minus the depreciation value.

This is an important detail for you to be aware of before you need to file a claim. The cost of roofing and building materials is constantly changing and if you have an ACV policy, you may find that your insurance is not going to reimburse you for the full cost of replacing your roof in today’s market.

2. Do you have building code insurance?

As communities grow and technologies advance, local, state, and national building codes change. You should make sure your homeowner’s policy includes building code coverage. Being covered for any changes that may happen, locally, statewide, or nationally, means that your insurance company will cover any extra costs that may be incurred to comply with new code regulations. If you do not have this coverage, you, the homeowner will be responsible for any additional costs.

3. How much is your deductible?

When you need to make a claim, how much will you be expected to pay out of pocket? Knowing this information ahead of time and having something set aside, just in case, will definitely alleviate some of the stress associated with repairing damage to your home.

If you have questions or concerns about your current insurance policy, you should absolutely reach out to your agent. Most insurance agents are happy to help you understand your current policy and assist in making changes where necessary so that your policy is custom tailored to your needs.

If you would like a second opinion, feel free to reach out to us here at Scott’s Roofing. We are fortunate to work with several wonderful, client focused agents and we would be happy to put you in touch with one!

Questions or concerns about the health of your roof? Call us at 303.469.9287 or fill out our contact form for a courtesy inspection! The Scott’s Roofing team is always happy to help with any Commercial or Residential roofing questions you may have. Whether you are in Lafayette, Louisville, Longmont, Erie, Boulder, Denver, Fort Collins, Colorado Springs, Loveland, or beyond, we are here for you and always happy to help!

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