5. What type of insurance policy do I have?

There are two types of insurance policies that work differently. Type one is an actual cash value (ACV) policy, wherein your roof depreciates yearly for ten years. If your roof upholds damage during that time, you will get a check for the depreciated value. If you have a replacement cost (RC) policy, the insurance carrier will protect the entire roof replacement expense. However, the homeowner is liable for any deductibles. You must check with your insurance company to determine what type of insurance policy you have.