Many homeowners tend not to think about their roofs unless there’s a sign of leak or damage. However, insurance companies are very attentive when it comes to your roofing system. Do you know that your roof has an impact on your home insurance policy? Depending on the situation, it can reduce or increase the cost of home insurance. In some cases, it can even lead to a policy being canceled or not renewed.
Here’s how your roofing system affects your home insurance policy.
Your roof can reduce the price of home insurance in two different ways. First, you need to consider the age of your roof itself. Regardless of the home’s age, insurance companies provide a discount for a roof that is 10 years old or younger. A newer roof is usually in great shape, which means the chances of leaking problems or other roof damage are low.
The second thing to consider is the material of your roof. For instance, if your roof is made of hail-resistant surfaces, such as metal roofs, your insurance company will likely offer you an attractive discount. To qualify for the discount or credit, you will need to provide a certificate from the roofer stating the classification of your roof.
Increased Insurance Cost
In comparison, your roof can also raise the price of home insurance because of its age and material. Due to storm damage claims, many insurance companies changed their policy regarding insuring an older roof. Insurance companies raise the wind/hail deductible from 1% to 2% of the dwelling value for a roof that is 15 years old and older. Some also only insure it for actual cash value instead of the roof replacement cost.
Additionally, the type of roofing material you use can also increase the cost of your home insurance. Roofs covered with steel panels or concrete shingles will cost more. This is because more expensive roofs mean higher insured values and higher premiums. Their higher cost is included in the replacement cost calculation each insurance company uses to determine the amount of home needed to replace it if a loss occurs.
Declines and Non-renewals
Every home policy that’s written should be followed by a home inspection. This is to decide whether the home’s condition is acceptable to the insurance company or not. Some roof-related issues that require your attention may include repairing the damaged flashing around the roof edges or replacing boots on vents. If you fail to make the necessary repairs or replacements, the home policy will be canceled within 60 days, or it may not be renewed next year.
Are you looking for a trustworthy roofing company for your home improvement project? Get in touch with Tri-County Contracting. We offer quality roofing and other exterior services. Call us today at (262) 679-6100, or fill out our contact form to set an appointment. We also proudly serve homeowners in New Berlin, WI.