What's the difference between Actual Cash Value (ACV) and Replacement Cost (RC) for home coverage?
Actual Cash Value (ACV): If your 20-year-old roof is damaged, you're paid its depreciated value ($2,000), not the $15,000 cost to replace it. You pay the gap. Replacement Cost (RC): You're paid the full $15,000 to replace the roof, regardless of age. RC costs more in premiums but protects you fairly. For homes in hail-prone Wyoming and Colorado, we recommend RC for dwelling and personal property coverage.
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Understanding how ACV versus RC coverage affects Wyoming and Colorado homeowners after hail damage, wind storms, and the weather events we actually face in the Mountain West.
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ACTUAL CASH VALUE (ACV): DEPRECIATED VALUE
Actual Cash Value means the insurance company pays you what your damaged property is worth today—after accounting for age and wear. If your 20-year-old roof gets destroyed by hail, they calculate what that used roof was worth, not what a brand new roof costs. For example, if your old roof was worth $2,000 in its current condition but replacing it costs $15,000, you get $2,000 minus your deductible. You're responsible for the $13,000+ difference out of pocket. ACV policies cost less in monthly premiums, but that savings disappears fast when you're facing a major claim and scrambling to cover the gap between what insurance pays and what repairs actually cost.
REPLACEMENT COST (RC): FULL REPLACEMENT VALUE
Replacement Cost coverage pays to actually replace your damaged property with new materials at today's prices—regardless of how old it was. Same 20-year-old roof destroyed by hail? You get the full $15,000 to install a brand new roof, minus your deductible. Yes, RC coverage costs more in premiums—typically 10-15% higher than ACV—but you're protected fairly when disaster strikes. In Wyoming and Colorado where hail seasons run May through August and can total a roof in minutes, RC coverage means you can actually afford to restore your home without draining your savings or taking out loans. Most mortgage lenders require RC coverage on the dwelling itself because they know ACV leaves homeowners financially vulnerable.
WHAT WE RECOMMEND FOR MOUNTAIN WEST HOMES
For homes in hail-prone Wyoming and Colorado, we strongly recommend Replacement Cost coverage for both your dwelling (the house structure) and your personal property (belongings inside). Here's why: A major hail storm can hit Casper, Cheyenne, or Fort Collins and damage hundreds of roofs in one afternoon. With ACV coverage, you're facing massive out-of-pocket costs to restore your home. With RC coverage, you can actually rebuild properly. The premium difference—maybe $15-30 per month for most homes—is small compared to potentially owing $10,000-$20,000 after a claim. We shop 20+ carriers to find RC coverage at competitive rates, and most homeowners are surprised how affordable proper protection actually is when we compare options properly.
Looking for more FAQs?
Home insurance in Wyoming and Colorado typically ranges from $800-$1,800 annually for $300,000-$500,000 homes, depending on age, construction, location, and deductible. Hail-prone areas (Casper, Fort Collins) may cost slightly more. Most homeowners save $300-$800/year by bundling with auto insurance and shopping multiple carriers. Get a free quote based on your home's specifics.
Actual Cash Value (ACV): If your 20-year-old roof is damaged, you're paid its depreciated value ($2,000), not the $15,000 cost to replace it. You pay the gap. Replacement Cost (RC): You're paid the full $15,000 to replace the roof, regardless of age. RC costs more in premiums but protects you fairly. For homes in hail-prone Wyoming and Colorado, we recommend RC for dwelling and personal property coverage.
It depends on your location. If you're in a FEMA flood zone or near a river/creek, flood insurance is essential—standard home insurance DOES NOT cover flood. Even if you're not in a flood zone, flash flooding happens. Wyoming's sudden storms and Colorado's seasonal flooding make it worth considering, especially if you're in Casper's North Platte area or along Front Range streams. We can assess your risk.
Covers: Your home structure, attached garage, roof, personal belongings, liability if someone is injured on your property, and temporary housing if your home becomes uninhabitable. Doesn't Cover: Flood (separate policy), earthquakes (separate endorsement), wear and tear, and maintenance issues. Some policies exclude certain water damage scenarios. Review your specific policy or ask us to clarify.
(1) Document damage with photos. (2) Don't make permanent repairs until insurance inspects (unless emergency). (3) Call us immediately—we file the claim and coordinate with the adjuster. (4) We can recommend trusted local contractors in Casper, Fort Collins, or your area. (5) Once approved, insurance pays the contractor directly (usually). Hail claims are common here; we handle them routinely and fight for fair settlements.
Ask your agent: "Is this Replacement Cost (RC) or Actual Cash Value (ACV)?" With RC, you're paid the full cost to rebuild today—even if it exceeds your policy limit (up to your dwelling limit). With ACV, you're paid depreciated value. We strongly recommend RC. If your home would cost $600,000 to rebuild but you only have $400,000 coverage, you pay the gap. Ensure your dwelling limit reflects current rebuild costs.