The purpose of homeowners insurance, like other types of insurance, is to get you back to status-quo if an unexpected loss occurs. You pay a monthly or yearly premium in exchange for their promise to put you back where you were before the loss.
In other words, you can’t make a profit off your insurance company.
That’s why, when a car is totaled, they’ll only pay what the car was worth at the time of the crash and not what you paid for it when it was new.
Now when it comes to homeowners insurance, you can opt for what’s called “replacement cost” coverage.
With replacement cost coverage, the insurance company is obligated to replace your roof at today’s cost, not just pay what your old roof was worth.