Paying to replace the roof on your home or business is never cheap. That’s one of the main reasons many people put off replacing their roof for far too long, as they either can’t or don’t want to pay the high cost.
There are certain situations where your insurance company may help pay for a roof replacement and lessen the project’s burden on your budget.
Here, we’ll look at what types of roof issues insurance companies typically cover and everything else you need to know about filing an insurance claim for your roof.
What Roof Issues Does Insurance Usually Cover?
Homeowner’s insurance and commercial property insurance policies generally always cover a building’s roof, as it’s obviously considered an integral part of the structure. Nonetheless, exactly what is and isn’t covered can vary from policy to policy. It can also vary based on factors like location, the type of roof, and the type of roofing materials.
The majority of policies cover storm damage, such as from hail, strong winds, or flying debris. However, different policies can have certain limitations, such as areas prone to tornadoes or major hailstorms.
If so, the terms of the policy will often specify that you have to pay a separate and higher deductible when filing a claim for wind or hail damage. Some policies in tornado-prone areas can even have an exclusion that states the insurance company doesn’t cover wind damage at all. In these cases, you’d have to pay extra to have a rider added to the policy that specifically covers wind damage.
The most important thing to note is that insurance policies will never cover roof repairs or replacement if the issues stem from age, normal wear and tear, or neglected lack of maintenance. Let’s say that your roof is already near the end of its life and in fairly poor shape, then gets severely damaged by hail. Sometimes they may work with you, but it’s less than 50%.
In this case, you can be almost certain that your claim will be denied, and you’ll have to pay for the replacement yourself. That’s because the insurance company will claim that the overall condition of the roof was a contributing factor in it getting damaged. If the roof is 20 years old, they gave them the chance to file, but they waited too long.
The other thing you should understand is that insurance companies will rarely cover the full cost of a roof replacement. Roofs are considered a depreciable feature of a home, meaning their value continually decreases over time as a result of wear and tear.
Insurance will normally cover a percentage of the replacement cost if your roof was replaced in the last few years and gets damaged. If it’s a replacement cost value (RCV) policy, they cover it fully. The only thing is deductible. An actual cash value (ACV) policy will pay depreciation.
This is because the value won’t have depreciated all that much in this case. On the other hand, your roof might be 20 years old, and the roofing materials are only rated to last for 25 years. If so, your insurance will only pay a small amount.
Filing a Claim for Roof Repairs or a Replacement
If you suspect that your roof was damaged by a storm, it’s always a good idea to contact a reputable, experienced roofing company and have them inspect the roof before you call your insurance company. One reason is that the roofer will be able to tell you the extent of the damage and whether repairing or replacing the roof is actually necessary.
