Home Insurance Rates & Roof Age
Your home’s roof can last from 20 years to a lifetime depending on the type of roofing material you use to cover your house. However, your insurance company may not agree with the same level of longevity. When your roof reaches a certain age, you will start to notice that the premiums on your policy are rising or the coverage is decreasing, sometimes with a minimal payout should damage occur. If your roof is over 10 years old, you should check your policy for these changes. By the time it is close to 20 years old, you will most likely receive a letter from your insurer about the change in coverage, or worse – cancellation pending a new roof. Be sure to check your roof coverage and storm riders carefully.
When Should I Consider Replacing My Roof
If you have a roof that is over 10 years old, you may wonder how long you have before you need to consider replacing it. This depends on many factors. The best way to find out the condition of your roof is to contact a local dependable roofer for an inspection. The Roofer will inspect your roof for signs of wear, torn shingles, hail damage, and even leaks you may be unaware of. Then, they are able to give you a report on your roof’s condition and if needed, options for any repairs. Some of the items that affect how durable your roof is are:
- The type of shingles, or other materials used
- Quality of the roofing material
- Quality of Installation or subsequent repairs performed
- Damage to roofing system from storms, leaks, or other accidents
The material used to build your roof is one of the biggest factors in how long your roof lasts. For instance, asphalt shingles can last 20 to 30 years. Metal roofs can last up to 50 years. Tile can reach a 100-year lifespan, surpassing the life of your house. Insurance companies may adjust your homeowner’s insurance rates based on the material you use and how long it is expected to last.
Age of Roof and Insurance
The age of your roof unfortunately can affect your ability to get insurance that covers your roofing system. Some insurers refuse to renew existing homeowner insurance policies on houses with roofs older than 20 years unless they pass a professional roof inspection. Insurers will not renew a policy that fails inspection without a roof replacement.
If your roof’s age is over 20 years old, your insurance may only pay actual cash value if it is damaged. Actual Cash Value policies are based on the items’ depreciated value while replacement cost coverage does not account for depreciation. This means they do not cover the cost of an entirely replaced roof!
Preventive Roof Maintenance
Most roofs carry a warranty of 20 years or more depending on the materials used. Your insurer may send an inspector to take a look at your roof. If they uncover issues, your ability to maintain affordable and adequate coverage will be at risk. Be sure to have your own roof inspection performed according to the terms of your roof’s warranty. Otherwise, you risk voiding a very valuable coverage. Plus, small problems can be addressed before causing bigger issues that may require an insurance claim.