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Homeowners and renters should check declarations pages to confirm whether houses and belongings carry replacement cost or actual cash value, because claim payouts can differ.
In the roof example, replacement cost paid $11K after a $1K deductible, while actual cash value paid $5K, leaving the owner owing $7K.
A standard homeowners policy typically covers the dwelling at replacement cost when insured near ~80% of rebuilding cost, but roof endorsements can reduce payouts.
Personal property often defaults to actual cash value unless a replacement-cost endorsement is added, so review the declarations page and any roof-related endorsements.
Many insurers send actual cash value first and the rest after completed work, usually before a deadline, making an upgrade quote worth comparing now.