Understanding Home Insurance for Roof Repairs: Make Sure What’s Covered Is Actually Covered!
Your home is one of your most significant investments, and the roof is its first line of defense against the elements. But as time goes on, many homeowners discover that the roof coverage in their insurance policy isn’t as comprehensive as they might think. In recent years, insurance companies have been making changes that can leave homeowners unexpectedly footing the bill when it’s time to make a claim.
Let’s break down what’s happening and what you can do to ensure you’re truly covered.
How Your Home Insurance Policy Covers Roof Repairs
If it’s been a while since you reviewed your home insurance policy, it’s crucial to take another look, especially when it comes to roof coverage. Many insurers have made changes to their policies in recent years, introducing depreciation schedules and higher deductibles for wind and hail damage. Here’s what that means for you:
Depreciation Schedules
Insurance companies are increasingly using depreciation schedules to determine how much they’ll pay for roof repairs or replacements. The older your roof, the less coverage you’ll receive. For example, after 10 years, coverage might be significantly reduced, leaving you responsible for a large portion of the repair costs.Higher Wind and Hail Deductibles
Another change to watch out for is the introduction of separate deductibles specifically for wind and hail damage. These deductibles are often higher than the standard deductible on your policy, which means you could end up paying more out of pocket if your roof is damaged in a storm.Combination of Both
In some cases, insurance companies have implemented both depreciation schedules and higher deductibles, making it even more challenging to get adequate coverage when you need it most.
Understanding Roof Depreciation: What It Means for Your Wallet
Here’s a closer look at roof depreciation schedules from three major national insurance companies. Two of these companies use the same form, and you’ll notice that after a decade, the coverage amount decreases significantly. Once your roof hits the 10-year mark, the insurance payout may cover only a fraction of the repair costs—or sometimes none at all.
Imagine you have a roof that’s 12 years old, and a major storm hits, causing significant damage. Under many of these schedules, you could be responsible for the bulk of the repair costs yourself, even if your policy technically covers roof damage.
What Can You Do to Protect Yourself?
Given these changes, it’s more important than ever to understand your policy and consider additional coverage options to ensure you’re protected. Here’s how you can safeguard your home:
Review Your Policy Regularly
Don’t wait until disaster strikes to find out what your insurance covers. Review your policy at least once a year to understand any changes that might impact your coverage.Consider Roof Endorsements or Riders
Some insurance companies offer endorsements or riders that can help protect your roof. These options might cover repairs and replacements even if your roof is older or falls under a depreciation schedule.Upgrade Your Coverage
If you’re concerned about wind and hail deductibles, talk to your insurance provider about upgrading to a policy that offers better coverage with a lower deductible.Get an Inspection
Regular roof inspections can help catch potential issues before they become major problems. Plus, some insurance companies may offer discounts if you can prove your roof is in good condition.
Don’t Get Caught Paying Out of Pocket—Let’s Make Sure You’re Covered!
The bottom line: Roof coverage isn’t as straightforward as it used to be. If you haven’t looked at your home insurance policy lately, now is the time. We can help you review your options and find a policy that truly covers your home—especially its most important feature: the roof!
Get yourself covered!
Give us a call today to discuss your options and ensure you have the protection you need. Let’s make sure what’s supposed to be covered is actually covered. Contact the team!