Do companies really have specific roof requirements for homeowner’s insurance? Your roof may be the last thing on your mind when shopping around for homeowner’s coverage. But it may also be the first thing insurance agents consider. A good roof is extremely valuable to insurers. It protects your home from the elements and reduces the likelihood of a claim. Depending on the condition of your roof, you may find it difficult to buy an affordable policy.
Here are the top requirements most insurance companies have:
Overall Condition of the Roof
Take a long, hard look at your roof. Are there missing shingles? Curled edges? Holes? If your roof needs repair—or even a full replacement—insurance companies are likely to charge premium rates. And if you already have a homeowner’s policy, it could get canceled. That doesn’t mean your roof must be in pristine condition to get or keep coverage. But you should expect to pay more if there are visible signs of wear and tear.
Age of the Roof
Newer is definitely the preference when it comes time to insure your roof. And the newer your roof, the lower the rates. Some homeowners’ policies even offer new roof discounts. How old is too old? Once your roof hits 20 years, it becomes a liability. You may find it difficult to obtain coverage without replacing it. And if you manage to land a policy, the insurer may flat out refuse to cover the roof until it’s updated.
Type of Roof
Roofs come in a range of materials. Asphalt shingles, wood shakes, slate shingles, ceramic tiles, and metal are the most popular residential roofs. However, insurance companies don’t view all materials as equal. If you want to save money, opt for a metal roof. Since metal is highly durable and long-lasting, you’ll be able to enjoy lower insurance rates. Wood shakes are the most expensive to cover. Most insurers view wood as a high-risk material because it’s not fire-resistant. And if you live in a dry region, insurers may deny coverage because of your wooden roof.
Get Your Roof Insurance Ready
What’s the best way to guarantee the lowest homeowners’ insurance rates? Fix your roof before you shop around for quotes. Replacing worn shingles and repairing leaks can increase the lifespan of a damaged roof. And if you have an old roof, installing a new one is sure to make a good impression with the insurance company. The better your roof looks and functions, the less you’ll pay in the long run.
Capital Roofing takes the guesswork out of repairing or replacing your roof. We have over 25 years of working experience, and there’s no roofing project too big for us to handle. Our roofers will provide you with outstanding service—guaranteed! Contact us for a free inspection to ensure your home meets the roof requirements for homeowners insurance.