As long as your roof isn’t leaking and turning your home into a swimming pool, you might not give too much thought to it. It protects you from those pop-up Atlanta summer storms, the cold in the winter, and the stifling Georgia summer heat. While the roof on your house may not always be at the forefront of your mind, your home insurance company definitely gives it a lot of thought. Why? We’ll explain. We’ll also explain how your roof affects your home insurance rates, discuss roof-related home insurance discounts, and talk about how you can insure your roof.
Question 1: Does my roof affect my home insurance rates?
Roofs do indeed have an effect on the cost of home insurance. Its material and age can impact your premium – it’s your house’s first line of defense during storms. It takes the brunt of the beating, and its job is to protect your home. The stronger it is, the better it can do that. And your insurance company probably has an interest in any factor that can protect your house and minimize damage to your house.
First, let’s talk about the roofing material. Roofs can be made of many different materials. Your roof could be made of asphalt shingles, or maybe it’s made of clay tile. Then there’s concrete tile, wood, slate, metal…There are a lot of possibilities. The point is that certain roofing materials hold up better against wind and hail damage (which insurance companies like.) Some materials are resistant to rotting or insect damage, and some are fire-resistant.
Okay, now on to your roof’s age, which can also affect your home insurance. Newer roofs have weathered fewer storms and sustained less damage than older ones. An older roof has most likely been worn down from the weather, and it may not protect your home as effectively as a newer one would. So, not that the insurance company means to insult your roof by calling it old, but they might be leery of providing coverage for houses with roofs over a certain age. Or they might ask you to get a roof inspection. Now, different roofing materials have different lifespans – some last longer than others. Asphalt shingle, for example, lasts about twenty years (and is the most common roofing material.)
Question 2: Can I get a home insurance discount because of my roof?
There are many potential home insurance discounts you could qualify for, and some of them are related to roofing. Of course, each of the Georgia insurance companies offers different discounts for different amounts, so you’d have to check with your specific company. However, the following are some possible discounts to look into…
New roof discount:
If you just got a brand-new roof, let your insurance company know. They might throw a discount your way because it’s going to protect your home from storm damage – and it’s still tough and able to hold up against the weather.
Pro tip: If you know you need a new roof, reach out to your insurance agent first to check if there are any requirements it has to meet to qualify you for a discount.
Impact-resistant or metal roof:
Certain materials are less likely to be damaged by wind or hail damage – they’re a little tougher. Because of the lower chance of damage, some insurance companies offer a discount for impact-resistant roofs.
To determine just how impact-resistant roofs are, The Underwriters Laboratories (which is a consumer product testing agency) made a system to rate the sturdiness of different materials. Class One is the least impact-resistant and Class 4 is the most impact-resistant. Your roof will probably have to have a high rating for impact resistance to qualify for a discount.
Insurance companies really don’t like fire. If you have a fire-resistant roof, your home could experience less damage if you ever have a fire. That’s why some insurance companies might offer a discount for it, although it’s a little less common than a discount for impact-resistant roofs. Still, it could be worth reaching out to your agent if your roof happens to have fire-resisting superpowers.
These are just a few roof-related discounts that could be available to you. Do some research on discounts offered by your insurance company to see what opportunities they have to save money on your Georgia home insurance rates.
Question 3: How can I insure my roof?
You have a couple of options here. You can insure it for its replacement cost value (RCV) or actual cash value (ACV.) What’s the difference? We’ll explain.
Actual cash value: With ACV coverage, your insurance company would subtract the cost of depreciation and your deductible from what they’ll pay to repair or replace your roof. Since a roof’s value depreciates over time, you could end up paying a large portion of the bill. But premiums for this type of coverage are often lower than replacement cost coverage.
Replacement cost value: With replacement cost value, your insurance company will cover the costs of repairing or replacing your roof, but they won’t subtract the cost of depreciation. Only your deductible will be subtracted from what the insurance company will pay. However, many insurance companies are moving away from RCV and instead will only insure roofs for their ACV. Whether or not you’ll be able to get RCV coverage depends on your house and your insurance company.
So, that’s the deal with roofs and home insurance. The age and material of your roof matter to your insurance because roofs function a little like armor and protect the houses they’re attached to. Roofs are more than just glorified umbrellas.
Wondering how you can save money on your home insurance? Our team of insurance agents can help you shop your rates and save. Getting multiple quotes will allow you to compare coverages and pricing. And all you have to do to get in touch with us is fill out our quote form or give us a call today.