Getting a new roof is expensive, so it is no wonder why many homeowners try to delay doing so as long as possible.
Yet what a lot of homeowners may not know is that a new roof can actually save them money now on their homeowner's insurance depending on the age of their current roof and which new roof they choose to have installed.
Insurance agents find that in some instances, a new roof can even reduce an insurance premium by anywhere from 5 to 20%!
It can take some of the sting out of paying for that new roof, for sure.
Why Are Insurance Premiums Discounted for New Roofs?
Why and how do insurance agencies discount premiums when there is a new roof put on?
A new roof can gain a homeowner a considerable insurance discount because a new roof is less likely to fail or have problems that result in claims to the insurance policy.
This is especially the case when homeowners have a high-quality roof installed by a trusted, qualified contractor who offers good workmanship and materials warranties.
The Disadvantages of Old Roofs on Insurance Premiums
Old roofs, even if they are inspected and pass with flying colors, are still more likely to exhibit issues over time.
Insurance agents are required to include the age and current condition of the roof when writing or renewing insurance policies.
Because damage to an old roof could result in the company paying for an entirely new one, the premium on that old roof will be higher.
In some instances, an insurance agency will even refuse to cover the roof once it gets old enough or if it is in questionable condition.
Replace An Aging Roof Sooner Rather Than Later
By the time questions start arising on whether an insurance company will insure a roof, homeowners should simply inquire about replacement and how much it will lower the premium.
Considering the roof will eventually need to be replaced anyway, doing it sooner rather than later can be more beneficial in numerous ways, including that homeowner’s insurance savings.
Save Insurance Dollars – Replace Old Roofs!
While details like the type of roof and the location of the home do also factor into how much of an insurance discount a new installation is likely to bring, any savings are a positive thing.
Roofs in areas prone to wind or hail damage might result in a lower discount from the insurance agency, but higher quality installations might also result in a higher premium.
Since every roof and circumstance is different, the best recommendation is to speak with an experienced local insurance agent about premiums and how to get the best consideration when planning out a roofing replacement.