How Often Will Insurance pay for a New Roof?
As a homeowner, you’ve probably questioned, “How often will insurance pay for a new roof?” You may have even wondered if you should try to extend the life of your roof after minor storm damage because you just had your roof replaced a few years ago. While wondering how often will insurance pay for a new roof, you might be making incorrect assumptions on how insurance handle roof claims. In this post, we will talk about the factors that influence whether your insurance will pay for a new roof.
Factors Affecting Your Coverage
Several factors affect the likelihood that your insurance company will pay for a new roof. These include the details of your insurance policy, the damage your roof has sustained, and the age of your roof.
Consider Your Policy
All insurance policies are different and when it comes to how often will insurance pay for a new roof, the details of your policy are the biggest determining factor. Many policies exclude certain types of roof damage completely, so don’t just assume that because you have an expensive homeowner’s insurance policy, your roof damage will always be covered.
You must check your policy to see which type of reimbursement your policy covers first. The two types of reimbursement:
- Actual Cash Value (ACV)
- Replacement Cost Value (RCV)
An ACV insurance policy will take into consideration depreciation when deciding reimbursement. So, the older your roof is, the less money you will receive. If your roof is very old and damaged in a storm, your policy will not cover the entire cost of the new roof. Instead, they will determine the value of the roof immediately before it was damaged by subtracting value for normal wear and tear. That means you will have a substantially higher out-of-pocket cost for a roof replacement if your roof is old.
An RCV insurance will not take depreciation into consideration. Instead, your insurance is supposed to reimburse you for the price of replacing your roof with a similar roof as the one you had. RCV insurance policies pay at today’s market price. They are more expensive, but they offer more comprehensive protection.
Consider the Age of Your Roof
Regardless of which type of reimbursement for which you are eligible, your insurance company will most likely also refuse to fully cover the cost of a roof that is past its expected lifespan. For a normal asphalt shingled roof, the expected lifespan is 20 years. Metal and tile roofs have a much longer expected lifespan.
If your asphalt shingled roof is 30 years old when hail damages it, your insurance company will assume that the damage was an issue of an old roof, not the storm. They will infer that your roof would have been able to withstand the hail damage if it hadn’t experienced so much normal wear and tear. Homeowner’s insurance policies don’t cover normal wear and tear.
Consider the Kind of Damage
As we already discussed, insurance policies won’t cover normal wear and tear. Typically, insurance will only cover a new roof replacement for unexpected events like storm damage or fires. High winds can tear shingles. Fallen tree limbs can crush decking. Hailstorms can dent and crack shingles causing them to fail in function. When events like these occur and cause damage, your insurance company is most likely to approve your insurance claim.
If you have neglected maintenance of your roof or yard, you might not be covered when an unexpected event occurs. Insurance companies consider it your responsibility to look out for the health of your roof including doing the following:
- Cleaning gutters beneath your roof
- Trimming damaged or weakened trees
- Repairing small issues as they arise
- Completing regular roof inspections
So, How Often Will Insurance Pay for a New Roof?
In short, your insurance should pay for a new roof as often as it is eligible. So, in theory, if you get your roof replaced after hail damage, stay covered with your insurance, and then hail damages your roof again a few weeks later, your insurance will pay for a new roof (or repairs).
If you live in the North Dallas area and haven’t had your roof inspected this year, contact us today for a free roof inspection. Asking how often will insurance pay for a new roof won’t help you get an insurance claim approved when you need it, but taking care of your roof most certainly will. Let us provide you with a comprehensive assessment of your roof.
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