Luxury homes with tin roofs7/1/2023 If you don’t want actual cost value coverage, you can purchase replacement cost coverage. The only reason it would be important to know the age of the roof is if the insurance company plans to pay you for its actual cash value. If you have replacement cost coverage, the age of your roof doesn’t matter. Tip-off that your company is moving you to actual cash value: The company asks how old your roof is or sends an inspector to look at your roof. Read the declaration page of your policy. How Do You Know If Your Policy Pays Actual Cash Value? The insurers’ rationale: Your old roof isn’t worth as much as a new roof, so you don’t deserve a new roof when hail damages your old roof. That can reduce your claims payment by thousands of dollars and leave you with a high-dollar roof replacement bill. If you have actual cash value roof coverage, your insurance company will discount your roof claim based on how old your roof is. The big bummer for us consumers: Insurers paying actual cash value rather than replacement value for roof damage. The Biggest, Costliest Insurance Change of All (You can’t buy replacement shingles for patches.)ĭoing partial roof repairs instead of replacing your whole roof (possibly leaving you with a patch that’s a different color than your original roof). Not covering roofs made from obsolete shingles. Refusing to cover roofs over a certain age (like 10 years).Īdding a separate hail deductible that’s subtracted from what you’re paid on a hail claim.Įxcluding cosmetic damage like dents in metal roofs, siding, or copper trim.ĭoing roof inspections that note the condition and age of your roof before issuing a policy. Look for changes like these in your renewal policy: How to Know if Your Insurer Is Out to Cut Hail Claims Hail-related claims increased 84% between 20, according to the National Insurance Crime Bureau. Insurance companies have figured that out, too, and they’re looking to cut their losses by limiting your roof coverage. If you live where hail happens most often - basically everywhere in the country east of the line of states running south from Montana - you know it can knock the life out of your roof, making it unlikely to survive into old age the way it would in a place like Rio.
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