Will Homeowners Insurance Cover a 20-Year-Old Roof?
Homeowners insurance is a very important part of protecting your property. When it comes to older roofs, there may be other concerns and questions to address about coverage, especially as the roof ages. If you happen to have a 20-year-old roof, you may be wondering if your homeowners insurance will cover it. In this post, we’ll be going over how insurance coverage will vary for older roofs and what you can likely expect from your policy. Read on to learn more, and should you have any immediate questions, feel free to contact us and we’ll be happy to help.
Understanding Homeowners Insurance & Roof Coverage
Homeowners insurance will typically cover your roof and the structure of your home from damage caused by various perils such as hail, fires, storms, etc… the age of your roof and the condition of your roof will likely play a significant impact on your insurance coverage options and claims.
Age of the Roof & Insurance
As roofs begin to age, they become more susceptible to damage and will likely be unable to withstand adverse weather conditions. Insurers are fully aware of this risk and they certainly realize a roof which is 20 years old is very much approaching the end of its lifespan. This is especially true if the roof is made from materials with a shorter lifespan, such as asphalt shingles.
- Depreciation & Actual Cash Value: If your 20-year-old roof is damaged, the payout from an insurance claim may only cover a portion of the total replacement cost. Depreciation and ACV (actual cash value) are factors which insurance companies consider if there’s an incident which requires a repair or full replacement of your 20-year-old roof. Many insurance policies will only cover the ACV of the roof at the time of damage, rather than the cost of replacing it entirely. This means your 20-year-old roof will have years of use, wear and tear, and general depreciation devaluing it. All of those variables will affect the overall value of the roof itself when it comes to finalizing the payout determination.
- Replacement Cost Coverage: Some insurers will offer RCV (replacement cost value) policies which will pay for the replacement of your roof without deducting for depreciation. These policies are typically more expensive and may not be offered for your older roof, as there are limitations involved. It’s very important to check with your insurance provider to see if this is an option available to you, as it may be just what you need to supplement your homeowners insurance policy.
- Policy Exclusions and Limitations: Homeowners insurance policies have specific exclusions and limitations when it comes to roofs. An example of this could be, if an insurer determines a roof has not been adequately maintained, they may deny the claim for damages. Additionally, if there are certain types of damage, such as wear and tear or gradual deterioration, these claims are generally not covered as that’s expected with years and years of use.
Tips for Insuring an Older Roof
- Regular Inspections & Maintenance: Conducting regular inspections and ensuring a proper level of maintenance is performed each year will likely have a positive effect on the lifespan of your roof. Having a qualified roofing company look over your roof from time to time and make necessary repairs can be helpful and proactive when it comes to inspecting and maintaining the roof throughout its life. This regular maintenance and inspection process may also be a necessary requirement to keep your homeowners insurance policy in effect. Proactively addressing minor issues before they turn into major problems can be much more cost-effective over the long run.
- Review Your Policy: Understanding the specifics of your homeowners insurance policy as it relates to age of your roof and overall coverage is so important. If you need clarification on any aspects of your policy, you’ll want to contact your agent to understand all terms and conditions.
- Consider Policy Updates or Changes: As roofs age, evaluating your coverage options can ensure you’re adequately protected. If your current homeowners insurance policy is unfavorable for an older roof, you may want to shop around to see if there are better options out there. You can also negotiate with your insurer for better terms in some cases.
- Prepare for Out-of-Pocket Costs: Older roofs may only be covered for their depreciated value. You’ll want to prepare for any out-of-pocket costs with some savings set aside for potential roof repairs, or a full roof replacement.
Contact Portsmouth Atlantic Insurance Today for Help with Your Homeowners Insurance
A 20-year-old roof may complicate your homeowners insurance coverage, yet understanding and actively managing your policy’s terms and conditions can help ensure you’re adequately protected. Proactive, regular maintenance is key when your home has an older roof. Frequent inspections can help to identify any issues before they become more serious. Clear communication between yourself and your insurance provider will help to ensure everyone is on the same page.
If your home has an older roof and you’re seeking out homeowners insurance solutions, you’ll want to contact us. At Portsmouth Atlantic Insurance, we’re here to help you with all of your homeowners insurance needs. We look forward to hearing from you and we’re eager to begin working with you here soon!