Roofing insurance is widely advertised as helpful during storms and disasters, and it’s true enough that insurers do their job well in providing resources that save the oldest homes from enormous debt to restore their roofs. However, many people have roofing insurance that increases in premium over time to provide the roof’s full cost. Unfortunately, most of these insurance end up getting unclaimed once the house grows old or sold to a buyer that renovates the property.
Thus, are roofing insurance policies unnecessary expenses that you pay monthly?
The true answer to this question is: It depends.
Homeowners who live in storm-riddled areas with frequent tornadoes, windstorms, or heavy snowfall with extremely low temperatures greatly benefit from insurance policies. After their roof’s full installation and tested functionality, its pristine condition reduces its insurance premium. In turn, homeowners can afford the highest-premium insurance policy because their roof has reliable durability and the lowest possible risk. If a storm hits and the roof doesn’t hold out, the insurance policy will pay for virtually its full sum.
On the other hand, property owners in relatively safe weather won’t have much use for roofing insurance. However, it pays to have one on the one-off chance a strong and devastating storm wreaks havoc in the area.
The Texas Department of Insurance has an excellent post that fully details the reason why roofing insurance is necessary for properties and how to buy the best ones. Read more about them below.
Buying a policy
Replacement cost or actual cash value
Some policies pay up to the full cost to repair your roof at current prices. This is called replacement cost coverage. Some policies pay less if the roof is older or showing wear. This is called actual cash value coverage.
When you renew your policy, check to see if there are changes to your roof coverage. As roofs age, some companies will switch to actual cash value. And if your roof is in poor condition, your company might not cover your roof at all. Your company should tell you when they change your coverage. Deductible amounts
A deductible is an amount you must pay before your company pays. Ask your agent if the deductible for wind and hail damage is different than the deductible for other types of damages. If it is, you might pay more out-of-pocket if your roof is damaged in a storm. Filing a claim
You can file a claim if a storm, tree, or something else damaged your roof. If you have replacement cost coverage, the company will pay with two checks. The first check will be a partial payment. Your company will send the rest of your claim amount after you’ve started repairs.
Remember, your insurance company won’t pay for a new roof just because it’s old or worn out.
Replacing your roof
Consider using roofing materials less likely to be damaged by wind, hail, or fire. Your insurance company might give you a discount for using them. (Continue reading here to learn more)
Cub Roofing is the best roofing company that can repair or replace your roof quickly with our expertise, experience, and knowledge. Contact us today to learn more about everything we can do for you.