The roof over your head is one of the most critical components of your home. The average asphalt roof lasts about 20-30 years. So, insurance coverage for aging roofs is a substantial concern. If you’re wondering whether your policy will foot the bill to repair or replace a 20-year-old roof, you’re in the right place.
In this in-depth article, we’ll peel back the layers of insurance policies to give you clarity on roof coverage, regardless of age. We’ll cover everything you need to know, from what understanding your insurance policy to how to handle a claim.
Ins and Outs of Roof Insurance Coverage
When it comes to your roof, here are the fundamental policies you should be aware of.
Dwelling Coverage
Generally, roof repairs or replacement can fall under your policy’s dwelling coverage, covering the physical structure of your home. It’s a component of your overall homeowner’s insurance and is often contingent on the age and condition of the roof at the time the policy was purchased or subsequently renewed.
Age of the Roof
Most insurance companies factor in the roof’s age, often with a cutoff of 20 years or even earlier for full replacement coverage. This means that if your roof sustains damage after the benchmark, the insurance provider may only offer a depreciated cost, often referred to as ‘actual cash value’ (ACV).
ACV vs. Full Replacement
Here’s where it gets tricky. If your 20-year-old roof faces hail damage, you might not receive the full replacement value under the dwelling coverage. ACV is calculated based on the roof’s age and condition at the time of loss, deducting depreciation, which means you could end up with a check significantly less than the cost of a new roof.
Comprehensive vs Named-Perils Policies
Another factor is the type of policy you have. A ‘comprehensive’ policy is more inclusive, covering a broader range of perils. A ‘named-perils’ policy lists the specific incidents for which it provides coverage. It’s essential to understand which policy you have and if it will cover your specific claim.
The Homeowner’s Guide to Approaching Roof Insurance Claims
Approaching an insurance claim can feel daunting, especially when it comes to disputing the claim’s assessment. These tips can help you assert your position and receive fair coverage.
Understanding Insurance Criteria
Insurance companies typically consider the type of roof, the degree of damage, the age of the roof, previous maintenance, and whether the damage falls within the covered perils. Normal wear and tear, neglect, and lack of maintenance are not typically covered under homeowner’s insurance. Most policies cover specific perils such as fire, hail, lightning, and wind damage.
Also, if your roof is 20 years old or older, it may not meet the insurance provider’s criteria for full replacement coverage.
Frequent Roof Inspections
Regular roof inspections are crucial for homeowners, especially as your roof nears or surpasses the 20-year mark. These inspections can identify potential issues early on, mitigating the risk of significant damage that can lead to complex insurance claims.
An inspection report can also serve as evidence of the roof’s condition when filing a claim, potentially influencing the insurance company’s assessment. If you’re in the Dallas area, it’s advisable to have your roof inspected at least every one to two years by a certified professional. This proactive approach helps maintain your roof’s integrity and provides documentation that supports your claim, should you need to file one.
Diligent Record-Keeping
We can’t emphasize enough the importance of maintaining a detailed record of your roof’s history. This can include purchase invoices, material warranties, and records of any maintenance or repairs.
Don’t Procrastinate on Repairs
If your roof does fall victim to damage, it’s paramount that you address it as soon as possible to prevent further deterioration. Temporary solutions may be appropriate but should be followed by a more permanent repair or replacement.
Preparing for Insurance Claims
Documentation is your best friend. Before making a claim, it’s recommended that homeowners take pictures of any damage, provide records of all maintenance and repairs, and be prepared to provide a detailed history of the roof’s age, original materials, and any updates completed.
What If Your 20-Year-Old Roof Gets Storm Damage?
What happens if your aging roof is damaged by a storm? Here’s what you need to do:
Quick Response is Key
In the event of storm damage, it’s critical to act swiftly. Call our team at New View Roofing, we’ll come by promptly to perform a free roof inspection. If you have severe damage, we’ll protect your home with a tarp or temporary repairs if necessary while you coordinate with your insurance company. Then, you’ll need to notify your insurance company as soon as possible and begin documenting the extent of the damage.
Advocating for Full Replacement
Homeowners can advocate for full replacement coverage by demonstrating that the damage was sudden and accidental, as opposed to an effect of normal wear and tear. If your roofing materials are of higher quality and are more likely to last 30 years, you’ll have an even better case that you deserve a full replacement. A strong case can often lead to better insurance outcomes.
We work with insurance companies on the daily. We can assess your roof and provide you with the evidence and advise you need to present a good case to your insurance company.
If You’re Given Actual Cash Value Instead of a Full Replacement
If your roof insurance coverage is an Actual Cash Value (ACV) settlement instead of a full replacement, it’s important to understand the implications. The ACV represents the roof’s value at the time of damage, considering depreciation, which often doesn’t cover the full cost of a new roof.
In such cases, you should review your insurance policy’s fine print and consult with a roofing professional or an insurance claims specialist. They can help you negotiate with the insurance company, possibly securing a better outcome. Remember, being well-informed and prepared can significantly impact the negotiation process with your insurance provider, potentially leading to a more favorable settlement.
If you still are unable to get a full replacement, we offer financing options that can help you cover the remaining cost.
The Verdict on Roofing Policies and the 20-Year-Old Roof
Navigating insurance policies can be complex, but with the right knowledge and advocacy, homeowners can ensure that their aging roofs are just as protected as the rest of their homes. The key takeaways are to know your policy’s details, maintain detailed records, and act promptly in the event of damage.
It’s also worth underlining the importance of proactive roof maintenance regardless of your policy’s coverage. Regular inspections and timely repairs can extend the life of your roof and increase your chances of getting the coverage you want.
New View Roofing is the partner you need for any concerns about your roof’s insurance coverage or to address repairs and maintenance. With our experience and commitment to customer satisfaction, we can help secure the coverage you deserve and provide quality solutions for your roofing needs.
Home insurance can be frustrating to navigate, but with New View Roofing and the proactive steps outlined in this post, homeowners can protect their greatest investment effectively.
