The roof is the part of the home that most homeowners don’t pay attention too unless it sustains some form of damage. However, while most homeowners may not think much of their roofs, insurance companies do. Surprisingly enough, your roofing system can actually affect your home insurance rates in different ways and as a homeowner, it’s important that you’re informed about them.
In this post, Mobley Brothers Roofing and Restoration discuss the various ways your roof can affect your home insurance rates.
Increased Insurance Cost
An increase in home insurance cost can be surprising nightmare for you and as it turns out, your roof can cause this. Depending on your location, the age of your roof and the type of material used, your home insurance rates can skyrocket. For instance, some places raise the deductible from 1% to 2% on a home insurance rate if the roof is 15 years old or older. In terms of materials, on the other hand, roofs covered with steel panels, slate or tile will also cause your insurance rates to cost more.
Alternatively, your roofing system can also reduce the price of your home insurance in one of two ways. The first is if your roof is brand new and the other is based on the material it’s made of. Most insurance companies often provide discounts to homeowners if their roofs are 10 years old or younger, regardless of the actual home’s age. This is because new roofs are less likely to leak. Hail resistant roofs such as metal roofs or fiberglass shingles can also net you a lower home insurance rate provided you can provide the classification certification of the roof.
Declines and Non-Renewals
When you get a home policy, it will immediately be followed up with a home inspection to determine if the condition of your home is acceptable to the insurance company. Roof related issues that can often hinder approval are overgrown tree limbs or damaged flashing around the edges of the roof. Failure to rectify these problems will likely result in your home insurance policy being cancelled within 60 days or being refused when it comes to renewals.
Turn to Mobley Brothers Roofing and Restoration for your home improvement needs. We are your leading provider of commercial and residential roof replacement services. Give us a call at (865) 248-2772 or fill out our contact form to get a free estimate. We serve homeowners in Lebanon, Knoxville and other nearby areas in TN.