Whether you are renewing your homeowners insurance or purchasing your first policy, you are probably concerned about how much your premiums will be. You might not realize it, but the type, condition and age of your roof can impact your rates, your deductible and even your ability to obtain coverage or renew your policy.
Roofing & Homeowners Insurance
Why Insurance Companies Worry About Roofs
In a typical year, a high percentage of the claims paid by insurance companies to homeowners involve roofs. Some claims are just for the roof, including the decking, flashing and vents as well as the roof covering. However, the roof is often responsible for claims involving other parts of the home; a roof leak can damage the studs in the walls, the sheetrock, the flooring and many other components. Furthermore, fires caused by stray embers or lightning strikes can result in huge claims, so insurance companies look more favorably on homes with roofs that are fire-resistant.
How the Type of Roofing Affects Insurance
Insurance companies prefer roof coverings that are fire-resistant, hail-resistant and wind-resistant. However, they also consider how much it would cost to replace the roof should it be damaged. Overall, metal roofing systems and asphalt shingles offer the best combination of economical installation costs, resistance to fire, hail and wind and potential impact on your insurance rates. Wood shakes and clay tiles are among the types of roofs that can increase your insurance rates due to the relative ease with which they can be damaged and/or their replacement costs. Depending on the insurance company, a slate roof can either earn you a discount on your insurance due to its resistance to hail or an upcharge due to its high replacement cost.
How Your Roof’s Age Can Affect Your Insurance
Many insurance companies offer discounts if the roof is less than 10 years old. Once the roof is over 15 years old, your insurance company may increase your deductible for hail or wind damage or change the coverage to only pay the depreciated value of the roof instead of the replacement costs. If the roof is older than its expected life — such as a roof consisting of 20-year shingles that were installed 25 years ago — your insurance company may drastically increase your deductible, eliminate coverage for hail or wind damage or even refuse to renew your policy.
Potential Savings on Insurance Rates
Every insurance company is different, so savings can vary significantly. However, it is not uncommon for a new roof to result in a reduction on premiums of 20 percent. You should also check on the difference a new roof could make on your deductible. An older roof could lead to your deductible being stated as a percentage of your home’s total coverage rather than a dollar amount.
Common Issues Found During Home Inspections
Your insurance company will likely send an inspector to evaluate the current condition of your home. This inspection may be ordered when you first seek coverage or when your policy is scheduled for renewal. If issues are not corrected, the company may refuse to renew your policy or cancel it during the first 60 days. Roof-related problems that are commonly found during an insurance inspection include missing flashing, damaged roof vents and overhanging tree limbs that are scraping against the roof or pose a significant risk of falling on the roof if exposed to an average weather-related event.
Where to Find Help
Alpha Roofing is an Austin residential roofing contractor and we have earned honors for its weather-related damage recognition. Over 25 percent of our installed roofs are inspected by city inspectors or insurance companies. We offer a wide range of services, including the installation of asphalt shingles, metal roofing systems, gutters, hail damage repair, siding and skylights, and we also offer roof replacement in Austin and in the surrounding areas. Our installers are professionals who work only for us. We have earned an outstanding reputation for the quality of our work and our commitment to customer satisfaction. If you have more questions about Roofing & Homeowners Insurance our would like a free quote, you can submit our convenient online form or call us at (512) 777-1086.
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