How RCV and ACV can affect your roof claim?

Living in Central Florida, you’re no stranger to severe weather and natural disasters. Heavy rains, hailstorms, extreme winds, tropical storms, hurricanes, and flooding … they all occur with regularity. Florida residents know that these storms can be devastating, both in terms of the damage they can do, and their financial impact. This is especially true when it comes to the roof of your home or business. Just because your property is insured, it doesn’t mean your roof has enough coverage. To fully understand your insurance regarding potential roof claims, your independent insurance office in Central Florida, Kirby Soar Insurance, wants to explain how ACV and RCV work when it comes to your roof insurance claim.


RCV ACV roof insurance claims


What’s the difference between RCV and ACV?


Most insurance policies, provide coverage based on either ACV or RCV. ACV, which stands for actual cash value, refers to the amount of money it will cost to fix or replace your roof, minus depreciation and your deductible. RCV, also known as replacement cost value, is the amount of money it will cost to repair damage, minus your deductible. 

How does depreciation play a factor?

Depreciation, if you are unfamiliar, is the term used to define how the value of an item you own goes down due to general wear and tear. Depreciation on a roof usually is determined by age. And so, each year, your roof depreciates monetarily. That means an actual cash value (ACV) insurance policy will deduct a specified amount, based on your roof’s age, from its value.

RCV and ACV, which coverage is right for me?

Only you know what type of insurance policy is best for you. However, if you don’t know a great deal about insurance or home repairs, then contacting an experienced insurance professional like the ones at Kirby Soar Insurance, is the best way to make sure that you’re choosing the policy that meets your needs best. While RCV policies tend to be more costly on a monthly basis, they don’t require you to pay as much out of pocket if you need to file a claim. ACV policies typically have less expensive premiums. For many home or business owners in Central Florida, the increasing rates of severe weather mean that having an RCV policy creates peace of mind. However, if you prefer to keep money on hand in the event of emergencies or unforeseen expenses, the monthly savings from an ACV policy may make that your preferred insurance plan.

Insurance In Central Florida

Insurance policies can be complicated. You may have trouble determining what type of coverage you have or want to switch from an RVC policy to AVC coverage, or vice versa. Whatever your situation, for any questions about your insurance, contact the team at Kirby Soar. We want to help you, so you’re not left out in the rain after damage to your roof. We work with multiple providers to find you the best rates in Polk and Hillsborough counties. Schedule a consultation with one of our insurance experts by calling us at (813) 752-1680. We’re proud to serve the insurance needs of our clients in Plant City, Valrico, Lakeland, Brandon, and other locations throughout central Florida.