Homeowners Insurance: Will a New Roof Lowers It?

Your roof protects you from wind, rain, sun, and snow exposure. If it is damaged in any way, your shingles can loosen, allowing water and moisture to cause extensive damage to the interior of your home.

The three factors that play a role in the cost of your insurance premiums are your roof’s condition, age, and the location of your home.

In most cases, a new roof can lower the cost of your homeowners premiums by 5% to 35%. The average is approximately 20%, depending on the location of your home, your insurance carrier, and the building materials your new roof will be made with.

When you buy a homeowners policy, your carrier must know how old your roof is. If it is older than 40, a carrier may only offer you a new policy or renew your existing one once it is replaced. If you are considering putting on a new roof, talk to your agent and ask about any discounts you may qualify for. The suitable building materials may make you eligible for a discount.

A roof with asphalt shingles can last up to 30 years but may start showing signs of deterioration at 15 to 20 years. Having your roof inspected every year will provide you with the information you need to decide when you should consider replacing your roof.

Asphalt and wood shingled roofs are much less durable than concrete/tile and metal roofs. While most roofs will last at least 20 to 30 years and at most 40 to 50 years, their durability will dramatically affect your insurance premiums. The elements are less likely to damage concrete/tile and metal.

Your homeowners’ insurance will pay for a new roof if the damage is caused by one of the covered perils named in your policy. However, your policy will not cover damage caused by age, disrepair, or general wear and tear. You will need to be able to prove that any damage was the result of a listed peril named in your policy.