If you own your home, then you need to protect it. Homeowner’s insurance provides protection for your home and your personal belongings in many situations. However, that same policy might also provide coverage for any injuries that happen on your property and certain lawsuits filed against you. The biggest protection it offers is financial, but the levels of coverage and rates you pay for it might vary. Your home’s roof is one of its biggest and most expensive components. That might leave you wondering if the age of your roof can influence your homeowner’s insurance coverage.
How Roof Age Influences Homeowner’s Insurance Coverage
A good roof might last anywhere from 20 years to a whole century. A lot of that is based on what kind of roofing material is covering your home. Roofing maintenance and upkeep are also as important. Nonetheless, no matter what material your roof is made of, it’s going to be scrutinized by any insurance provider. As a roof gets older, there will probably be two things that happen. First, homeowner’s insurance rates are likely to rise. Second, the coverage might go down.
You might start seeing minor policy changes once your roof is 10 years old. After it gets to the age of 20, then your homeowner’s insurance policy is likely to have even bigger changes. Given this, you need to have annual roof inspections and maintenance. Regular service can keep your roof in great shape. That will help your homeowner’s insurance premiums stay low. It might even prevent you from filing damage claims after heavy weather or storms.
Roof Age and Homeowner’s Insurance
How roof age impacts homeowner’s insurance varies from one insurer to the next. Some homeowner’s insurance providers won’t renew previous policies on homes if the roof is more than 20 years old unless there is a professional roof inspection and a passing report. If the roof fails its inspection, then those insurers might not renew the policy unless the roof is replaced.
Another group of insurers won’t even write policies for a home with a roof that is more than 20 years old. Alternatively, they might only pay what they deem is an actual cash value for a replacement roof in the event of roof damage. That means they won’t cover an entire roof replacement but only what an old roof might be worth after two decades.
You Can Keep Your Roof’s Insurance Coverage
Homeowner’s insurance providers don’t just use the 20-year rule when trying to assess the coverage that they provide. Many residential roofs come with warranties lasting from 20 up to 50 years, and the length is often determined by the actual roofing material in question. Insurance providers also factor in the roof’s overall condition. How well you keep up with annual inspections and maintenance plays a huge role in this.
Keeping up with these is crucial to both maintaining homeowner’s insurance coverage and keeping low rates. Your roofing contractor can find issues while they’re still small and then fix them before they grow into larger problems big enough to impact the value of your roof. Your roof manufacturer should have a schedule for inspections and maintenance that you follow from the start. Over time, you’ll also have recommendations from your contractor that are based on your actual roof conditions.
How Homeowner’s Insurance Providers Compute Coverage
The insurance industry is all about data, statistics, and risk levels. The companies that provide homeowner’s insurance have multiple decades worth of data about residential roofs and the various materials that they’re made from. That means that they have detailed data on just how long your roof is likely to last. They also know what triggers most roof-related insurance claims and the kinds of roofing that stand better to storm or fire damage. A homeowner’s insurance company has to maintain enough funds available to be able to pay out claims, and that means knowing how much to collect through premiums.
When an insurance provider can accurately predict the kinds of roofing that might result in an insurance claim, they’re able to boost premiums for the riskier policies. That’s how they can afford to pay claims when they’re filed and still generate enough of a profit to stay in business. If your homeowner’s insurance sends you a notice that it’s time to replace the roof on your home, then it’s likely due to the roof’s age being a primary factor that determines whether you can get coverage at all in the first place.
How Long Can Your Roof Last?
It’s impossible to know exactly how long your roof will last. However, you can know how long it should last and then give it the best chance by keeping it inspected and maintained. The average residential roof lasts from 15 years up to 30 years. However, it can vary quite a bit based on the specific materials involved.
Asphalt shingle roofs are the most common kind for many homes, and they might last 10 years up to 50 years. Many new asphalt roofs have warranties of 25 years or more for unforeseen damage and normal wear and tear. This is a great choice of roof if you’re looking for a replacement.
There are other kinds of materials used for roofing. Clay tiles are popular in dry climates and might last up to 100 years. Concrete roofing is very durable and might last more than 50 years, but it doesn’t always fare well in humid climates. Metal roofing can last around 70 years, and slate roofing can last more than a century. Wood shingles or shakes last two to three decades.
If you’re looking for longevity with your next roof, then you should know that options exist. However, they’re likely to cost the most upfront and then return your investment by lasting a long time.
Why Homeowner’s Insurance Matters
Homeowner’s insurance is a must if you want to protect your home, belongings, and finances. It’s likely to be a requirement for even having a mortgage to pay for your home. It typically covers your dwelling, any other structures sitting on your property, your own personal possessions, and liability for injuries that happen to others or damage to their property. Typical coverage includes damage from lightning strikes, hail, windstorms, and fires. However, not every natural disaster is covered, as flooding and earthquakes are common exclusions. You might have to get separate policies for those risks.
Homeowner’s insurance is similar to other kinds of insurance in that there are deductibles and limits. The deductible is the part you have to pay to cover losses before your insurance kicks in. The limits are the maximum your insurance will pay out in total coverage or per claim.
Your Roof Needs Professional Help at All Ages
Your roof will need professional maintenance and inspections at all ages. Newer roofs get to stay in top condition this way, and older roofs can be repaired or restored in ways that help them last longer. If you need a roof replacement, then you’ll obviously need professionals to take care of this for you. If you live in Charleston, SC, or the surrounding areas, then our team at Charleston Roofs + Windows is ready to help. Contact us at Charleston Roofs + Windows right away for roofing, windows, and storm damage services for your home.