Should I Let My Insurance Company Know I Have A New Roof?
The time finally came to replace your roof, and you went through all the stages of research, getting quotes, scheduling the job, and paying the contractor. Before you breathe that “I’m finally done” sigh of relief, however, there is one more step you need to take: let your home insurance carrier know! While it isn’t necessary to alert your insurance company about normal maintenance to your home, replacing your roof is one of those big-ticket items that you DO need to tell them about.
What Is Actually Covered?
A typical all-perils insurance policy will reimburse you for the cost of replacing your roof in most damage or destruction situations (such as tornadoes, hail storms, hurricanes, or other sudden accidental or natural events). On the other hand, a roof that needs to be replaced because it has been neglected or exceeded its intended life span is typically not eligible for reimbursement, as this is considered “general maintenance” and simply one of the unpleasant realities of homeownership. Furthermore, roofs that are over 20 years old often have limited coverage and are subject to reduced reimbursement (ask us more about the GAF Limited Lifetime Warranty!). Of course, even if the replacement is covered, you will still have to pay the policy deductible before the coverage kicks in.
If My Roof Isn’t Covered, What’s the Benefit?
So if your roof replacement isn’t covered, why even bother telling the insurance company? The answer is simple: insurance premiums! A new roof plays a huge role in the overall protection of your home from all kinds of damage, which your insurance company will take into consideration. The materials used, as well as the proper installation of those materials, are key factors to your insurance policy rates. While it may be hard to swallow the cost of replacing your roof out of pocket, the good news is that upgrading your roof can help you saves thousands on your insurance costs in the long run.
Sounding a Little Too Confusing?
There is no denying the fact that insurance is a complex beast, with all kinds of clauses, catches, and loopholes. When it comes to replacing your roof, your best bet is to choose a contractor that has experience in navigating the complexities of the insurance world. Here at YES – Your Exterior Solution, we handle hundreds of insurance claims every year. We will help you communicate with your insurance company to ensure that all the necessary information is conveyed and that you get the best outcome possible. It’s your home and your wallet… Make sure they are protected!
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