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What a New Roof Really Costs (and what your insurance policy really covers)
The Price Tag
A roof replacement runs anywhere from $5,000 to more than $30,000 depending on the size of your roof and the materials you choose. Standard asphalt shingles are fairly standard and are at the lower end of the price range. Metal, tile, or larger custom homes push toward the top of the price range.
Filing Insurance Claims
The claim itself has a cost, separate from the deductible. Filing even a single claim can contribute to an increase of 7% to 10%, depending on your location and severity of damage.
Two Types of Policies
Two homeowners can have identical hail damage and walk away with very different checks. The difference is usually two acronyms in the policy: RCV and ACV.
Replacement-cost value (RCV) pays what it actually costs to replace the roof. If replacement costs $10,000, an RCV policy pays $10,000 minus your deductible.
Actual cash value (ACV) pays what your roof is worth today, after the insurer factors in age and condition. If replacement costs $10,000, but if the insurer values your roof at $2,000, that's the payout. The remaining $8,000 is on you.
👉🏻 Insurers have been shifting older roofs to ACV coverage, and some carriers now apply ACV-only terms once a roof passes a certain age, often 10 to 15 years.
What to do about it
Pull out your policy declarations page and look for the words "loss settlement." If it says actual cash value, you know your exposure. If you're not sure, call your agent and ask one direct question: for a roof loss, do I have ACV or RCV?
When You’re Buying a Home
And if you're buying a home, ask about the roof's age before you write the offer. A 15-year-old roof isn't just a future repair. It can mean higher premiums, limited coverage options, and a much bigger out-of-pocket risk on day one.
Who do I use for homeowners insurance?
My personal properties are insured through local Nashville insurance company Holt Insurance Agency (link to their website https://holtinsuranceagency.com/). I like the personal service I get from them, and they will regularly research options to give me the best rates and coverage.
⭐️ The roof over your head is one of the biggest single components of your home's value. Know what it costs, and know exactly how much of that cost your policy actually covers.
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