A new roof is one of the largest investments you may make in your home (after the mortgage, of course!) While many homeowners assume that their insurance policy covers a new roof, the process of qualifying for a new roof is actually a bit less straightforward than you may think. Living in this region, Mother Nature tends to assault us with all sorts of weather – from driving rain to severe storms and annual hurricanes. It is a good idea to understand what financial help you can expect when it comes to needing a new roof installation – especially as we continue through hurricane season 2020.
If your roof needs to be replaced, it can often be quite a financial burden. The average cost of replacing an asphalt shingle roof can start as little as $6,000, but tile or clay roofs – very popular in the Port Charlotte area – can be considerably more expensive depending on size and materials. Understanding your policy, knowing the age and condition of your roof, and preparing for the eventuality of a new roof installation is all important for every homeowner.
What Your Homeowners’ Policy Covers
You may assume that if they have insurance, that means that roof replacement is covered no matter the situation. But that isn’t necessarily the case. Even though you might be paying the insurance premium, your insurance has strict policies as to what it will and will not cover when it comes to replacing your roof. Here is the information you need to know.
Understand your policy: Read through your insurance policy and pay attention specifically to the terms pertaining to the roof.
- In most cases, your insurance company will not provide reimbursement for a new roof installation if the old roof was at the end of its life or is in disrepair. This is considered normal wear and tear, and there are very few policies that will provide coverage for a roof which has reached its natural end of life. If the roof is within 3 years of needing replacement, homeowners should set aside money monthly to be ready for the roof installation when necessary.
- If your roof damage is due to a windstorm, severe rain, or other weather incident, your insurance company will pay for some or all of the damage. Essentially, if your roof was determined to be properly maintained, your policy will typically cover the value of the roof at the time of the damage. So if your roof was essentially new, the full cost of replacement may be covered. However, if your roof was at half of its original value, you will likely receive that amount towards a new roof.
- Having a fairly recent professional assessment of your roof condition may help you to get top dollar if your roof is damaged due to storm or other act of God. An annual inspection is a great way to not only identify and repair small issues before they become big problems – but also to have a good grasp on what your roof is worth.
- Speak to your insurance company in regards their policy for a new roof installation, and see if there are ways to maximize coverage, such as through yearly maintenance, inspections, or proof of minor repairs.
If you have any questions regarding your coverage, call your insurance agent for clarification. At Ezzi Insurance Advisors, we are dedicated to making sure our clients understand every aspect of their insurance coverage. Call us today to learn more about the difference our dedicated service can make.
