Most homeowner property policies cover the full replacement value. The first check the insurance company gives you is the Actual COST Value (ACV); what the roof cost to be replaced or repaired today after deducting for your roof's age, just like your car is worth less now than the day you bought it. The money withheld is called the depreciation, or technically, the Replacement Cost Value (RCV), and will be paid to you when the work is completed or most times upon the submission of a signed contract with a licensed contractor for the work specified in the insurance adjusters repair estimate.