Cover Roof Replacement?" width="100%" height="145px" />Elizabeth Rivelli has nearly five years of experience covering insurance for finance publications. She has expertise in various insurance lines, including car insurance, health insurance, travel insurance, life insurance and others. In her writing, s.
Elizabeth Rivelli Insurance WriterElizabeth Rivelli has nearly five years of experience covering insurance for finance publications. She has expertise in various insurance lines, including car insurance, health insurance, travel insurance, life insurance and others. In her writing, s.
Written By Elizabeth Rivelli Insurance WriterElizabeth Rivelli has nearly five years of experience covering insurance for finance publications. She has expertise in various insurance lines, including car insurance, health insurance, travel insurance, life insurance and others. In her writing, s.
Elizabeth Rivelli Insurance WriterElizabeth Rivelli has nearly five years of experience covering insurance for finance publications. She has expertise in various insurance lines, including car insurance, health insurance, travel insurance, life insurance and others. In her writing, s.
Insurance Writer Les Masterson Deputy Editor, InsuranceLes Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, including auto, home, life and health. Before cove.
Les Masterson Deputy Editor, InsuranceLes Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, including auto, home, life and health. Before cove.
Les Masterson Deputy Editor, InsuranceLes Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, including auto, home, life and health. Before cove.
Les Masterson Deputy Editor, InsuranceLes Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, including auto, home, life and health. Before cove.
| Deputy Editor, Insurance
Updated: Dec 12, 2022, 7:00am
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Cover Roof Replacement?" width="100%" height="145px" />
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Replacing your home’s roof is one of the biggest expenses you may face as a homeowner. Even the best home insurance policy covers roof repairs or replacement based on how the roof gets damaged.
Your home insurance company may pay for repairs if a tree falls onto the roof or a section of shingles blows off in a storm. But homeowners insurance typically doesn’t cover old roofs or damage caused by normal wear and tear.
Roof insurance is included under the dwelling coverage in a homeowners insurance policy. Dwelling coverage handles the physical structure and attached structures like a garage.
For example, if a hailstorm or the weight of snow after a blizzard damages your roof, a home insurance policy will likely pay for the repairs or a new roof. You don’t need to purchase a special type of insurance for roof replacement, but you can buy a home warranty that may help you with repairs not covered by homeowners insurance.
Home insurance companies put great weight on a home’s roof. Your roof acts as the primary defense against the elements and potential perils. For instance, a roof prevents water from pooling around the foundation, and it helps to regulate airflow in the attic through vents. Your roof needs to be structurally sound to avoid certain home insurance claims.
Many situations can lead to roof damage, but home insurance doesn’t cover all damage. Generally speaking, home insurance companies only cover sudden and accidental roof damage caused by a problem covered by the home policy.
If your roof is damaged by one of the following perils, your dwelling insurance will likely cover the cost of repairs or a new roof:
On the other hand, your homeowners policy likely won’t pay for damage caused by these situations:
A home insurance claim for roof damage typically has a deductible. The type of deductible is determined by how the damage was caused. A roof damage claim may result in the standard homeowners insurance deductible, or it could be hurricane deductible or windstorm deductible if a storm or severe weather causes the damage.
A hurricane deductible or windstorm deductible can either be a flat dollar amount or a fixed percentage of your dwelling insurance coverage limit. If you’re required to pay a deductible for a roof claim, the cost will come from your total payout for the repairs.
The average annual cost for home insurance is about $1,700 a year for a house insured for $350,000. This includes roof replacement coverage.
The cost to replace a roof doesn’t influence home insurance costs much. The costs, instead, are mostly based on the home’s worth.
If you need a new roof, it’s vital to act quickly in order to prevent interior damage. Here are the steps to take to file a roof claim with your homeowners insurance company.
Inspect the roof from your yard or another safe place. Consider hiring a professional roofing company to inspect the roof damage.
Before formally filing a claim with your home insurance company, review your home insurance policy documents to figure out if the loss is covered.
You should also check whether your policy covers the roof based on actual cash value (ACV) or replacement cost value (RCV) and if you have to pay a special deductible, such as a hurricane deductible if it was damaged in that type of storm. For instance, if you have ACV and your roof is 15 years old, your insurance company will pay much less than if you have RCV coverage.
Before you submit the claim, it’s a good idea to get an estimate from a roofing professional for repairing or replacing the roof. You might have more leverage when negotiating your payout, especially if the adjuster believes your payout should be lower.
Whether you have a repair estimate or not, you can contact your homeowners insurance company and file a claim for the roof damage. You will need to fill out paperwork explaining what caused the damage, what type of damage occurred when the event happened and what else was damaged as a result (such as personal items in your attic). You should also include the repair estimate if you have one, and any photos or videos of the damage for evidence.
Depending on the extent of the damage, an insurance company adjuster may need to assess the roof in person. You might consider having a roofing contractor on-site when the adjuster comes so that they can discuss the cost of repairs together.
Once the claim has been settled and you receive your payout, you should hire a roofing company to fix the roof. The insurance company might provide a list of suggested contractors to work with, but you can hire any roofing company you want.
You will likely have a deductible if your home insurance company approves a roof claim. Your deductible is the amount deducted from a home insurance claims check.
When you purchase home insurance, you typically get to choose your dwelling insurance deductible. If you have a hurricane deductible or windstorm deductible, the amount is usually determined by the insurance company as either a flat fee or a percentage of your dwelling coverage limit.
Regardless of the type of deductible, the amount gets subtracted from your roof claim payout. For instance, if the insurance adjuster determines that it will cost $10,000 to repair your roof and you have a $2,000 deductible, you would get $8,000 to pay for the roof repairs.
Choosing a higher deductible helps you get a cheaper homeowners insurance premium.
It’s your responsibility as a homeowner to keep your roof safe from potential threats, such as tree branches, broken singles and normal wear and tear that comes with age. As soon as you move into a new home, you should start making roof inspections part of your yearly home maintenance schedule.
The National Roofing Contractors Association (NRCA) recommends that homeowners inspect their roofs twice per year, ideally in the spring and fall. You should also inspect your roof after every major weather event, such as a windstorm, hailstorm or heavy snowstorm.
Unless you have the safety equipment to inspect a roof on your own, you should hire a roofing professional to inspect it for you. The inspector can look for signs of damage or abnormalities and clear debris from your roof and gutters that can lead to potential problems. If you can easily access your gutters, keep them clear between inspections.
It’s much less expensive to repair a portion of your roof than to replace the entire thing. If your roof is damaged, you should consider whether a repair will suffice or if you’re better off replacing it.
Many roofing experts agree that you can repair your roof if only a small area is damaged. For example, if a few square feet of shingles need to be replaced, you probably don’t need a new roof. But if a significant portion of your roof is damaged (40% or more), you should consider a full replacement.
Other factors to consider include the roof’s age and whether you plan to sell the home soon. In those cases, you may want to replace the roof. A new roof adds curb appeal and could help you get more money from the sale.
Even if you aren’t planning to sell, it’s worth considering replacing your roof if the roof is near the end of its life. In that case, you will likely need to replace the roof at some point during your ownership. The money you would spend on repairs might be better spent on a new roof.
The average roof replacement costs about $8,000, but the exact amount varies by building materials and the size of the roof. The cost can range between $5,500 and $11,000 based on the home’s size and type of roofing material.
There are many types of roofs, which vary in terms of durability, cost and life expectancy. The table below shows the average cost per square foot for different roof materials and how often they typically last.
