Most homeowners don’t think about their roofs as long as they keep water out and resist extreme weather conditions. However, your insurance company is very concerned with your roofing system. It turns out that your roof has a major impact on your home insurance rates. Depending on the situation, your roof can lower or increase the cost of your home insurance. In some cases, your insurance can also be declined or not renewed.
Here’s how your roofing system can affect your home insurance rates.
The Age of Your Roof
One of the factors that you need to consider is the age of your roof. Before getting your insurance, most insurance companies would inquire when your roof was last replaced. This is because most companies provide a discount for roofs that are 10 years old or younger regardless of the age of the home. Insurers are aware that newer roofs have lesser chances of damage and are usually in good shape.
By comparison, older roofs will also have an increased insurance cost. For roofs that are 15 years old or older, some insurance companies may raise the deductible from 1% to 2% of the dwelling value while others only insure it for actual cash value instead of replacement cost. In any case, the homeowner will pay more for a roof-related claim when it comes to older roofs.
The Material of Your Roof
Many insurers offer a discount if the roofing material is hail resistant. If your roofing is made out of hail-resistant surfaces, such as metal roofs or roofs covered with tile, slate, concrete or fiberglass shingles, most insurance companies are likely to provide an attractive discount. To qualify for the credit, you may need to provide a certificate from your roofer.
On the other hand, expensive roofs mean higher insured values and higher premiums. Thus, roofs that are covered with steel panels, concrete shingles, slate or tile cost more. This is because their higher cost is factored into the replacement cost, which is calculated by the insurance company to determine the amount of home needed to replace it if a loss occurs.
Declines and Non-Renewals
After writing up a home policy, the insurance company has to conduct a home inspection. During this inspection, the company will examine whether the home’s condition is acceptable. Some roof-related issues that may come up are damaged gutters or boots on vents. If these issues are not repaired or replaced, your policy will be declined within 60 days, or it may not be renewed next year.
Now that you know how your roof affects your home insurance, be sure that you regularly maintain your roof. The stronger your roof, the less damage it’s going to endure. To help you with your roofing needs, get in touch with Bradford Xteriors. We also offer siding services and more. Call us today at (614) 483-6215, or fill out our contact form to book an appointment. We proudly serve homeowners in Columbus and surrounding Ohio areas.