Your home is your shelter. It is your protection from the elements and a safe space away from the public eye. Every part of your home plays a role in protecting you from outside influences. Your roof may be the most influential part of your home regarding how it protects from weather-related things. If your roof is older than ten years, your premiums will be higher than if your roof is a little newer.
Why Is Your Roof Important to Your Insurance Carrier?
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.
What Roof Factors Will Affect Your Homeowners’ Insurance Premiums?
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.
Will a New Roof Lower My Premiums?
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.
What Are Roof Requirements for Homeowners’ Insurance?
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.
When Should I Upgrade My Roof?
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.
How Does My Roof’s Material Affect My Insurance Premiums?
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.
Will My Homeowners’ Pay for a New Roof?
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.
Get the Best Insurance Services at Advanced Insurance!
Understanding how your roof affects your homeowners’ insurance premiums is essential. It’s up to you to know the condition of your roof and when it’s time to consider replacing it. Contact the agents at Advanced Insurance today to learn more about how your roof’s condition and materials will affect your homeowners’ policy.