Had a nasty hailstorm a few months ago, and it wrecked my roof pretty good. Filed a claim, thinking insurance would cover it all. Nope. Turns out, they gave me some depreciated amount that was way lower than what the roofer charged me to get it fixed. Had to pay the difference out of pocket, which sucked big time. Has anyone else run into this? I mean, is this normal or did I just get unlucky?
Yeah, that's pretty common actually. Had a similar thing happen to me last year after a windstorm. Insurance usually pays out based on actual cash value (ACV), meaning they factor in depreciation for the age of your roof. If you want full replacement coverage, you'd need a policy with replacement cost value (RCV). Costs a bit more upfront, but saves you from nasty surprises later... Learned that one the hard way myself.
Yeah, I ran into something similar a couple years back—not with my roof, but with my car after a hailstorm. Insurance gave me way less than what repairs actually cost because of depreciation. Learned pretty quickly that ACV policies can leave you hanging if you're not careful.
If you're budget-conscious like me, here's what I'd suggest: first, check your current policy carefully to see exactly what's covered (and what's not). Next, call around and get quotes for RCV coverage—sometimes the difference isn't as steep as you'd think. Finally, weigh the extra upfront cost against potential out-of-pocket expenses down the road. Personally, I decided paying a bit more each month was worth avoiding another nasty surprise... but everyone's situation is different.
Either way, it's always good to know exactly what you're paying for ahead of time. Insurance companies aren't exactly known for their generosity when it comes to payouts, haha.
I get what you're saying, but doesn't RCV coverage usually come with its own fine print too? I've had some pricey repairs on my car, and even with a supposedly "premium" policy, the insurance still found ways to wiggle out of paying the full amount... Just wondering if anyone's actually had RCV pay off fully without hassle.
Yeah, even RCV policies can be tricky. Had a similar issue when a tree branch damaged my garage roof—insurance covered most, but still left me paying extra. Always worth reading the fine print carefully to avoid surprises later.
