Why didn’t the insurance company send me enough money?

  • The missing funds could be your deductible. (For example, the cost to fix your roof is $10,000, and your deductible is $1,000, then they would send $9,000. Because $1,000 of the cost is paid by you.)
  • It could be that you do not have replacement cost coverage on your policy. This is a good time to call your agent and verify all these things. If you bought insurance online and you do not have an agent, now is an excellent time to hire one. We recommend hiring based on the agent and their services and policies, not on the initial price for the policy.
  • It could be that you do not have Code Coverage (aka ordinance or law coverage).
  • What you are most likely looking at is the first check the insurance company will send. This is known as the ACV (actual cash value). If you have Replacement Cost Coverage on your homeowner’s policy, your insurance carrier will send you a second check once you prove that the work has been done. The ACV is sent so that you can get started. Insurance companies do not send all of the money upfront because some people would take the money without getting the work done, trying to profit from the claim.