Signed a contingency agreement…. Some questions

Had a big hail storm come through a few days ago and I have a few questions. Our roof and siding are heavily damaged for context.

1. ⁠we’ve had 2 different companies come out for inspection. The first one was on our roof for a minute, told us we definitely needed a new roof, and to confirm if our policy was ACV or RCV before making a claim. He left. The other said he used to be an insurance adjuster. He spent probably 45 minutes marking things up, and claimed he can get it all replaced for just the price of our deductible. I told him we were sure if we had an ACV or RCV policy. He looked at our policy and said because we had a $2500 deductible it was RCV. Who is right?

2)we signed a contingency agreement which I regret and plan to back out of before the 3 day deadline. But what does this line in agreement mean? “Customer will owe the following when work is complete: TOTAL RCV AMOUNT FOR ALL PORTIONS OF THE CLAIM THAT THE COMPANY IS PERFORMING.” Does this mean we have to pay them whatever it costs even if insurance doesn’t approve it? I really don’t want to pay an absurd amount after insurance declines it

3) can I just send an email and back out of the agreement that way?