So, I have some great news. I found out yesterday when the insurance adjuster came by that we will get back more money since we are doing the work ourselves! Which means I went from being $75ish under budget to being more like $800 under budget. Wahoo!
How this works - the Replacement Cost Value for my damaged roof is $4,466.79. Based off of that they figure out my depreciation of my roof - $1276.79. Now what does that mean? That means that I'm able to get a portion of that depreciation back after I install. Normally a roofing company would do all this for you and you'd never now what it all means, except I have a new roof and just paid my deductible. Since I'm doing this myself, I can get back a good chunk of that for my labor which means I'll be well under budget and able to do a nice BBQ dinner for my crew.
You should find out what insurance policy you have if you have a ACV or a RCV. It will make a big difference when the time comes to file a claim. I recommend reading this article - ACV Vs. RCV and why you should care. You want a RCV which is what I have. I was able to recoup the full value of my roof that was damaged. I have friends that their roof was totaled by the insurance company from hail, but since the had the wrong policy, it didn't mean a new roof for them, it meant they had a check for the depreciated value of their roof and had to fork out the rest to replace it and since their roof was older.... much much more out of pocket than they ever thought.
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