How your roof affects home insurance and claims payout

How did we get here?

Impact on our homeowners insurance carriers

Roof eligibility for new homeowners insurance policies

  • If your roof is over X years old, we don’t have any options for you (meaning their carriers require a roof that is under X years old).
  • Because your roof is over X years old, we can only offer Actual Cash value at the time of a claim. This means the insurance company would pay a reduced claim amount based on the roof’s age and condition (you can read more about actual cash value in a prior post).
  • We will consider, but you will need to have the roof inspected by a qualified roofing contractor (at your expense) and provide the inspection results.
  • We will consider but you must furnish documentation of the roof replacement.
  • We will insure the house, BUT must exclude coverage for the roof. This means that not only is the roof excluded from coverage, but any subsequent damage would be as well. Example- a windstorm rips off part of the roof. It rains before the roof can be fixed. Any water damage from the rain would NOT be covered because the loss of the roof is what allowed the water damage to happen (and the roof is excluded).

How can my roof coverage be limited on my existing policy?

  • A carrier can issue a roof exclusion if available (which was explained in the previous section).
  • After X number of years, replacement cost is no longer an option for a roof and the claim is paid at Actual Cash Value, regardless of the cause of loss.
  • Wind and hail claims only are paid at Actual Cash Value.
  • A wind or hail claim is paid according to a schedule based on age of roof and roof material. For example, you have a 10 year old roof and it’s asphalt shingle. The schedule says you will receive 83% of the cost to repair or replace.
  • Of course, the carrier always has the option to non-renew or cancel a policy for cause.

Where do we go from here?

These changes are happening now so reach out to your insurance agent to better understand how it affects you. No agent or need to discuss options? Fill out the form below and we’ll be happy to discuss your homeowners insurance. With so many changes happening so quickly, you need a professional to help you.

Let us help get you a great quote today!

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Are you ready to save time, aggravation, and money? The team at Alan Galvez Insurance is here and ready to make the process as painless as possible. We look forward to meeting you!

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