The recent Oklahoma tornado caused a great deal of destruction. Many homes that are otherwise still standing also have significant roof damage. Without the proper roof coverage, you can be putting your family at financial risk. If your roof is more than 10 years old, it’s likely not covered by an actual cash value policy. That can be a problem, and many people don’t understand the differences between the types of coverage.
Actual cash value will pay whatever it costs in today’s dollars to fix the damage. Replacement cash value is designed to fix your roof, but it may not provide you enough funding to completely replace it with today’s materials. If you have a percentage based deductible, you can also be in trouble. Depending on the insurance coverage you have on your house, even a one percent deductible can add up to a lot of money. Rather than take a big risk with your funds, make sure you understand the differences in the types of coverage options you have. That can allow you to make the best choice for your home and finances.
For more information about proper roof coverage in the Lombard, IL area, contact Steve Wilk Insurance today.