How Does Replacing My Roof Affect My Insurance?
Posted on Friday, July 15th, 2022 at 11:50 am
When you bought or constructed your home, you acquired homeowner’s insurance to cover the roof and all other major components of the house. Now you need a new roof, and you have concerns about what it will do to your insurance premiums. The good news is that a new roof almost always lowers a homeowner’s insurance premiums, but how much depends on various factors.
How Does a Roof Factor into My Insurance Premium?
The roof is arguably the most important component of your home. Not only does it shield you from the elements, but it also provides shelter for the other structural components of your home, such as the walls and floors.
When determining premium amounts for homeowner’s insurance, insurance carriers consider a roof’s age and condition as well as where the house itself is located. Homes with older roofs typically have higher insurance premiums than new construction or recently replaced roofs. In fact, some insurance carriers will not offer policies on roofs that are 40 years old or older or even on asphalt shingle roofs that are 20 years old unless the homeowner agrees to replace it.
Be that as it may, insurance companies also usually reward their policyholders for maintaining a safe, secure, and functional roof on their homes. Your insurance company should offer some discount for getting a new roof, but they will likely take into account several factors when determining that premium discount.
- The location of your home – Homeowners in hail- or hurricane-prone states or regions frequented by other natural disasters usually pay higher premiums than homeowners in other parts of the country.
However, homeowners in hurricane or tornado-prone areas could get significant savings on their insurance premiums by getting a new roof, particularly if the roof passes a wind mitigation inspection or is hurricane rated.
- Roofing materials – The materials your roof is made from will also affect the premium discounts you may receive, and the insurance company will consider the following:
- Asphalt shingles –The most common and economical roofing material, asphalt shingles are good at withstanding fire but not so much at protecting from wind damage. They are also one of the least durable roofing materials available, and their lifespan is typically 20 to 30 years.
- Wood shingles and shakes – Made from various types of wood, including cedar and redwood, wood shingles are also not very durable, lasting around 30 to 50 years. They are also susceptible to fire damage unless treated with a retardant, and they are marginally effective against wind.
- Metal – Metal roofs are made from copper, aluminum, steel, or a zinc alloy. Aluminum roofs can last 30 to 45 years, and roofs made of steel or copper can last 80 years or more. They are highly effective at protecting against fire and wind damage.
- Clay and concrete tiles – A concrete roof can last from 35 to 50 years, and a clay tile roof can last 100 years or longer. Although a tile can break, they are extremely durable against the elements and protect very well against fire. They are not as effective against wind, however, depending on how they are installed.
Depending on your carrier, where you are located, and what materials you use for your new roof, you could see a discount of five percent to 35 percent on your home insurance premium. On average, homeowners’ annual insurance premiums drop by 20 percent reduction after you replace your roof. Your insurance company can inform you about any discounts you can receive when you talk to them about your roof replacement.
New Roofs Don’t Always Mean Discounts
It’s important to note that getting a new roof does not automatically mean you’ll get a reduced homeowner’s premium. What if your roof is severely damaged by a hurricane and has to be replaced? When you replace the roof because you must, the above calculations will not apply. Insurance companies are willing to provide discounted rates for homeowners with new roofs, but usually only if they put on the new roof voluntarily. Putting on a new roof because your old one was destroyed likely won’t count.
Contact Us Today
The certified roofing professionals at Kidd Roofing have served clients throughout Texas and Colorado since 1982. Whether you need a new roof due to storm damage or because your roof has reached the end of its lifecycle, we can inspect your roof and recommend the best course of action. We have replaced roofs for thousands of satisfied clients. You can request an inspection and quote by calling us at (866) 671-7791.