Investing in a comprehensive homeowner’s insurance policy is a great way to protect your home in the event of a severe storm. If you’re getting one, keep in mind that your roofing system has a crucial role to play in it. In fact, it can impact a home insurance policy in many ways: lower the cost or drive it up. In some cases, it can even lead to the policy being canceled.
Read on as we go over the three ways your roof can impact your homeowners’ insurance policy.
Reduced Insurance Cost
Depending on the age of your roof, your insurance company may reduce the price of the home insurance. Regardless of your home’s age, most insurance companies provide a discount for roofs that are 10 years old or younger. This is because insurers know that newer roofs are still in good condition and therefore less likely to leak.
Additionally, many insurers will also offer a discount if the material of your roof is resistant to hail, such as metal roofs. To qualify for the hail-resistant roof discount, you may need to provide a certificate from a professional roofer stating the classification of the new roof.
Increased Insurance Cost
On the same note, the age and type of roofing material used can also increase the cost of home insurance. For roofs 15 years and older, many insurance companies raise the wind/hail deductible from a particular percentage of the dwelling value. Others may only insure it for actual cash value instead of the replacement cost. Either way, you may pay more out of pocket with an older roof.
When it comes to the roofing material, expensive roofs often mean higher insured values. As such, roofs covered with steel panels, concrete shingles, slate, or tile cost more. Their higher cost is factored into the replacement cost calculation that determines the amount you need to replace it should a loss occur.
Declines and Non-Renewals
A home inspection is required once the home policy is written. This way, the insurance company will work out whether your home’s condition is acceptable. To get your home insurance approved, they may ask you to implement roofing work. This may include repairing flashing around the edges of your roof or cutting back tree and shrub limbs to keep them from touching the roof. Should you fail to complete these tasks, your policy may be canceled within 60 days, or it may not be renewed the next year.
At Masters Roofing, we understand the importance of your roofing system for your homeowner’s insurance. If you need roof repairs or replacements, rest assured that our roofing experts in Memphis, TN are committed to assisting you. For a free estimate, call us today at (901) 871-7663, or fill out our online contact form.