Replacement Roofing: How To Know That A Roof Is Covered By Insurance
If you have a homeowner’s or renter’s insurance policy, your roof should be covered. However, it is essential to review your policy and contact your agent first before scheduling any replacement roofing.
In the world of insurance, many types of coverages may or may not apply to your roof. Your homeowner’s or renter’s policy covers wind damage and its associated costs, including:
● High winds that exceed certain speeds.
● Accumulated ice and snow weigh too much for your roof to bear.
● Water damage from rain, hail, or even hurricanes.
● Sudden, accidental damage such as fires or falling trees.
The policy also will pay for replacement roofing if a sudden event caused the damage and you didn’t have time to make any repairs on your own. It is important to know that homeowners’ policies do not protect against all potential mishaps, vandalism, and other malicious acts.
A few more things to keep in mind about insurance:
- The law requires that you have homeowner’s or renter’s insurance if you own a home/rental apartment or have fire protection services available at your residence. So when buying a new policy, be sure it includes the right kind of coverage for your property so you can get repairs made quickly after a covered loss occurs (such as windstorms). Your agent is there to help make sure you only get what you need – which may be less than you think.
- Even with certain types of insurance coverages, some limitations and exclusions come into play for certain losses. For example, a standard policy may not pay if your roof is damaged by mold or mildew growth on the surface, leading to the decay of the underlayment and sheathing materials used to construct the roof deck.
- These losses can be covered by a separate Mold and Mildew Insurance Addendum to your homeowner’s or renter’s policy at an additional cost (usually around $50 per year). If this type of damage occurs on your property, check with your agent before repairs are made because you may be able to recover these costs from other sources as well – like your homeowner’s policy or a change in your insurance carrier.
- Lastly, what about limits? Some coverages have limits on payments – like how much they’ll pay for repairs. Read your policy carefully so that when something does happen to damage your property, you can make sure you get what you’re entitled to. Read the policy carefully, and ask your agent if you have any questions so that you can make sure you’re well protected.
When it comes to your roof, it’s important to remember that the right kind of insurance can help you get the best protection in case things go wrong. You want to ensure that your homeowner’s or renter’s policy has the right kind of coverage for your roof, and don’t hesitate to ask your agent for clarification if you have questions.
And remember, there are two types of property insurance policies:
Actual Cash Value Coverage reimburses you for what your property is worth today – not when it was new. This amount doesn’t include the cost of materials or labor to repair or replace your roof (which would be deducted from the coverage amount). The deductible is an out-of-pocket expense you pay before any insurance payments are made.
Replacement Cost Coverage pays enough to completely rebuild or restore your home so that it’s just like new and includes a small allowance for material and labor costs. Typically, this type of coverage requires a higher deductible payment than with ACV but can result in more money for rebuilding or rehabilitating the property.
So what does all of this mean? You need to know what your limits are and how much room you have for deductibles so that when you do have an insurance claim, you can be sure it’s going to be enough to help with repairs.
Are you interested in getting a replacement roofing quote for your roof? You can get a quote and book a free roof inspection by giving us a call at (770) 766-7770.