This week we’re going to dip into the all new Aspenmark Mailbag and pull out a question from a local homeowner. We’ll post a new question each Wednesday and offer entry into a monthly Grand Prize giveaway to each homeowner who’s question we answer. June’s Grand Prize is a $100 gift card to the Capital Grille!

This week’s Mailbag question comes from Jodie in Frisco, who asks:

“Dear Aspenmark, I was wondering if you could help me understand the difference between ‘ACV’ and ‘RCV’. I’m considering having my roof replaced and these are two terms that come up regularly when communicating with my insurance carrier.”

Dear Jodie,

That’s a great question and, not surprisingly, one we hear often from homeowners. When you have a claim against your roof with your carrier, your Insurance Adjuster is going to inspect your roof and write an estimate for full value, today’s cost, to get you back to pre-loss condition.

What does it all mean?

The insurance carrier then has two ways to pay you: RCV - Full Replacement Cost Value, or ACV - Actual Cash Value.

So, what’s the difference?

Well simply put, the ACV option is based on the depreciated value of the roof, meaning your payment will reflect the replacement cost minus the depreciated amount. Just like a new car depreciates when you drive it over time, the same holds true for your roof. Bear in mind, with an ACV policy you'll also be responsible for your deductible. The RCV option sees you paid for 100% of the replacement cost, minus your deductible.

How do I know which payment method I can expect?

It’s all stated in your insurance policy. Be sure to read your policy carefully to understand what type of policy you have and corresponding payment method you can expect. In fact a certified roofing contractor, like Aspenmark Roofing & Solar, can help walk you through that aspect of the insurance claims process. It’ all part of what we offer homeowners.

In Summary....

RCV is what you would pay for your roof at today's cost while ACV is what you pay for your roof at today's cost minus depreciation (Replacement Cost minus Depreciation)

Thanks for the great question Jodie!

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