Many companies who used to offer "replacement value" coverage have put a restriction on older roofs to cover only "cash-value" replacement. In this case, the insurer pays only up to the depreciated value of the roof. "You're shifting risk to the insurance company . That's what insurance is," said Lance Haight, an insurance agent at State Farm. "Your risk insurance the deductible. The deductible is a personal level of where you want that to be, but making sure it's appropriate to make sure your insurance costs are down, but being able to afford the out of pocket."
According to the Insurance Information Institute, tornadoes and thunderstorms caused $10.3 billion in insured losses in 2013. With tornado season approaching, it's a good time to take a closer look at your insurance policy now, so you're not surprised when the storms start.