Fiber cement siding is cement, sand, and cellulose fiber pressed into boards that look like painted wood but won't rot, burn, or feed insects. Around Ames it's the upgrade most homeowners choose after they're tired of patching cedar, hardboard, or brittle vinyl. The material shrugs off the things that wreck siding here: standing moisture, hard freeze-thaw swings, and woodpeckers. Installed right, it holds paint far longer than wood and lasts 30 to 50 years.
You probably need residing, not just repair, when the failure shows up in more than one spot. Look at the north and west walls first — those take the wind-driven rain and dry slowest. Soft, punky boards near grade, paint peeling within two or three years, buckled or delaminating hardboard, and gaps opening at butt joints all point to a wall system that's past patching. If you can push a screwdriver into the siding, replacement is the honest answer.
It's also worth considering when you're already opening the walls for windows or an addition, or when an insurance claim after a hail or wind event gives you a reason to redo the whole elevation at once. Doing it piecemeal usually costs more over ten years than doing it once, correctly.