Does my roof impact my home insurance costs?


Putting a roof over your head is really a basic necessity of life. But the kind of roof you select may impact your bank account for many years in the future.

When determining your property insurance rates, an insurance coverage provider may wish to be aware of kind of roof you've, as well as how old as well as in what condition it is. Not all roofs are the same. They may be produced from a number of materials and, with time, degrade to a point where they're no more good at protecting our homes. That's why home insurance companies have requirements for roofs.

Here's what you need to know about how your roof could affect what you pay for home insurance.

Age of roof and insurance

Not only does homeowners insurance cover a new roof; you might be in a position to secure a discount in your insurance if your roof is totally new. Why? Any insurance provider is going to base their rates on risk. The newer the roof, the less risk there's for leaks, damage to your house, or deterioration. And this usually translates to lower insurance rates. So if you have been wondering: will installing a brand new roof lower my insurance premiums? The reply is probably yes.

As time goes on, your roof may have weathered many seasons and possible weather events (severe storms, tree damage, as well as general deterioration) which will degrade the integrity from the material. As occurring, the risk of damage increases and so, likely, will your rates. If your roof gets too old, some home insurance companies may even won't provide any insurance until major repairs are completed.

Best roof types for cheaper insurance

Roof materials can also impact insurance costs, as durability and strength will differ.

For example, metal roofs are durable and generally fire-resistant, something insurance providers find very appealing. Does metallic roof decrease your insurance? It certainly could. If you have or are thinking of obtaining a metal roof, inquire about an insurance discount.

Slate and tile will also be fairly fire-resistant and provide good insulation. There is little change maintenance required with slate and tile roofs, and they are also resistant to rotting and insects.

Asphalt shingles, that are one such material, are affordable and have a fairly long life span (15 to 20 years). However, asphalt decays easier than other materials. Wood roofs, that are less frequent, are obviously not fire-resistant and some insurance companies will refuse coverage on this kind of material.

While more rare, some have opted to install green roofs featuring some kind of vegetation or garden. While this roof type may be installed for environmental reasons, insurance companies are not necessarily on board. Because of the risks from water infiltration, you may not obtain the best rates or coverage. Regardless, provide your insurance provider just as much details about your green roof as you possibly can and inquire about extended coverage if required.

Best roof shapes for cheaper insurance

The form of a roof may also impact your house insurance costs. For example, a gable roof is a straightforward inverted “v” shape with two sides, which can be susceptible to weather and winds. A hip roof, on the other hand, has four sides. It is more costly for that homeowner to build but can become more resistant against wind and as a result, might help bring down property insurance rates.

A flat roof is not as common and may pose higher perils of water and weather conditions as well as burglary, considering that it's easier to climb and reach upper floor windows. For this reason, flat roofs and residential insurance discounts seldom work together.

Is my roof included in home insurance?

Yes, in most cases, should there be harm to your homes roof, it ought to be covered by property insurance. It will depend, however, on the kind of policy you've and also the damage sustained. If the damage was caused by a covered peril (e.g., hail, fire, wind), you should be covered. Does house insurance cover a roof that's damaged because of neglect, or insufficient maintenance, however? Probably not.

If it's in an extremely poor state of repair, you may find that you can't get home insurance because of your roof. The insurance company might decline your request or require you to repair the roof before it agrees to pay for you. In some cases, you might secure coverage but in a depreciated value, whereby you're best making the repairs and becoming coverage for that full value of the roof. If you are wondering ways to get home insurance having a bad roof, you might want to take a look at some high-risk home insurance providers until you can fix your homes roof and obtain less expensive coverage.

How to save on home insurance no matter the roof

No matter the material used, newer roofs will almost always translate into greater discounts or savings with regards to property insurance.

But before starting your renovation, it's best to discuss it with your insurance representative to determine what styles and materials of roofs will garner the most savings for you personally over time.

Conducting regular check-ins (once a year approximately) from the condition and age of the rooftop is important, too. Being proactive might help mitigate costs and steer clear of insurance rate increases in the future. Insurance providers could also wish to review your maintenance plans. If you have been neglecting maintenance, they might refuse coverage altogether. Within their minds, you are not maintaining your end from the bargain, so to speak, to avoid damages and future claims.

Most importantly, don't take the first rate you're offered. Go online and compare rates from various home insurance providers. Roofs will go a long way in lowering your premiums. However your own due diligence is still among the best methods to put money-back in your wallet.