Quote:
Originally Posted by Wormius
But in some respects, it doesn’t matter. You’re just looking for what you need the insurance to cover. You can work out the value of a roof replacement and determine if it’s better for you to have insurance that will cover the full cost for 5 years at X dollars versus one that only covers the depreciated cost for Y dollars.
Our roof is pretty old and we checked the price to replace a roof with a friend that did their’s recently. It doesn’t make sense to pay for $5k deductible over a $10k (or more) if you’re going to be out of pocket for the replacement cost anyway. And is the different in deductible worth the difference in premiums over the course of a number of years. Some of the insurance companies will let you mess around with some numbers and change coverage or deductible amounts. Put it all in spreadsheet and see how it goes.
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That equation changes every year and is only one of many different factors that goes into it.