After a storm or water loss, many homeowners are surprised by their first check. The estimate says one number, but the payment is much lower. Often the reason is depreciation, and whether your policy pays actual cash value or replacement cost. In this article This article explains the difference in plain words, how depreciation and "holdback" work, how roofs may be treated, and what to check on your declarations page. Replacement cost and actual cash value in plain terms Repl