FRIDAY, JANUARY 29, 2021
How Does a New Roof Work with Home Insurance?
The roof of your home is one of the most important assets, keeping your home covered and dry during storms and the worst weather. This is why, in come cases, you may need to upgrade or even replace your roof. After all, normal wear and tear is not covered under basic home insurance.
Does Home Insurance Cover a New Roof?
Home insurance can help pay toward a new roof depending on why it is being replaced and how much coverage you have. As discussed above, basic wear and tear is not covered under home insurance. Neither is negligence, such as if you fail to properly maintain your roof. However, if a bad storm or fire causes irreparable damage to your roof, you can file a home insurance claim to help pay for a replacement.
Home insurance may not cover the entire expense, however. Roofs are expensive and, depending on your policy, may not be completely covered under your home insurance. Be sure to double check your home insurance policy and speak with your insurance agent if you have any doubts about how much coverage is available
Does Getting a New Roof Affect Your Home Insurance Rates?
Depending on the roof you switch to, it could have an affect on your home insurance premiums. As a rule, home insurance premiums are calculated on how likely you are to file a claim. A poorly made roof is more likely to take damage from a storm, and thus may cost more to insure. This is why some insurers even recommend upgrading your roof if you live in a particularly old home before offering home insurance.
On the other hand, upgrading to a better, storm resistant roof can actually save you money on home insurance.
However, keep in mind that changes and upgrades to your home can also affect how much coverage you need. If you make changes to your home, the total replacement cost value of your home may change. This is the amount on which your home insurance policy is based. If the total replacement cost value of your home rises, your home insurance coverage should be adjusted to reflect the change.
Without adjusting your policy, you could risk having gaps in your coverage when it comes time to file a claim—especially when it comes to repairing or replacing your roof after an incident.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.