Homeowners Insurance For Older Roofs – Written by Written by Arrow Right This article was generated using automation technology and thoroughly edited and fact-checked by an editor from our editorial staff. Connect with on Twitter Twitter
Edited by Angelica Leicht Edited by Angelica LeichtArrow Right Insurance Editor Angelica Leicht is an insurance editor on the team. He’s passionate about helping readers make informed decisions about their wallets, whether the goal is finding the right comprehensive auto policy or the best life insurance policy for their needs. Angelica Leicht
Homeowners Insurance For Older Roofs
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When it comes to roof damage, whether it’s from wind storms, heavy rain, hail, falling objects or another catastrophic event, the resulting problems can be devastating. Paying to repair roof damage can be expensive, but ignoring it can lead to other problems, such as water damage, mold or even flooding. And, while you may think you’re isolated from the problem, the truth is that even the strongest roofs are susceptible to damage caused by storms or other major events.
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The good news is, though, while repairing or replacing a roof out of pocket can be expensive, your homeowner’s insurance policy can help. Most home insurance policies will financially protect the roof and reimburse the homeowner for repair costs, up to policy limits, assuming the damage is caused by a covered peril. Before you rely on your home insurance policy to cover the damage to your roof, though, it can be beneficial to make sure you understand how this type of roof insurance works.
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Insurance companies place great importance on a home’s roof. Roofs are one of the most important features of a home, providing the first line of defense against damage to the interior, and the condition of the roof often determines at least part of the property’s structural integrity.
Roofs are built to withstand hail, wind, freezing rain and similar weather events, but as a roof ages, it weakens and becomes more susceptible to major damage. Repairing a damaged roof is often a major expense, even if an insurance company will contribute to the cost.
To avoid a big claim, insurance companies want to make sure that the roof is structurally sound and in good condition. Some companies will deny coverage if a roof is deemed too risky or has deteriorated significantly, especially if the home is in an area where wildfires or severe weather are common.
While “roof insurance” is not a specific policy, most standard home insurance policies include coverage for roofing, and homeowners should check their policy documents or ask an agent to see what perils are covered. Most roof damage that is sudden or accidental, such as a falling tree or hail, will be covered under home insurance.
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There are two types of housing coverage in home insurance policies: named perils and open perils. Under a named peril policy, the roof is covered against specific losses listed in the policy. With an open peril policy, the roof is usually covered against any loss not expressly excluded in the policy.
It is important to remember that there may be limits on what insurance will cover. Homeowner’s insurance does not cover wear and tear or gradual damage. If the roof is older or has existing damage, the home insurance policy may not cover damage to the new roof. If a roof is in extremely poor condition, it is possible that the insurance company will exclude all coverage for damage to the roof or resulting from the condition of the roof.
Homeowners who want additional roof coverage may have the option to increase their dwelling coverage limit. Some insurance companies also sell a roof replacement cost endorsement which means you will get replacement cost to repair or replace a damaged roof. In any case, increasing insurance coverage can change your premium.
Additionally, it’s important to consider whether your policy has actual cash value (ACV) or replacement value (RCV) coverage for your roof. ACV takes into account depreciation, which means you would likely assume more financial responsibility in case it should be replaced after experiencing severe damage from high winds.
