Yes, you should absolutely notify your home insurance company when you get a new roof. Updating them can lower your premiums by up to 20% or more, as new roofs are considered lower risk. It also ensures accurate coverage in case of future damage and prevents potential issues with claims or policy renewals, as insurers often drop coverage for, or increase rates on, older roofs.
You should always inform your insurance company of any major changes to your home. As others have said, you may get a discount, and the insurance company will be updated on the true age of your roof, which is information that could work to your benefit years down the road.
Asking yourself, “Does replacing your roof lower your homeowners insurance?” The answer is most likely yes. In fact, a new roof has the potential to lower your insurance premium anywhere from 5 to 35 percent.
You might think your roof's age is between you and your contractor, but insurers check too: Permit records show when a roof was replaced. Home inspection reports often list roof age when policies are started. Aerial imagery can show wear patterns over time.
The 80% rule in homeowners insurance requires you to insure your home for at least 80% of its total replacement cost to receive full coverage for partial losses, preventing underinsurance and significant out-of-pocket costs if damaged; if you fall below this threshold, your insurer pays a proportionate amount of the claim, not the full repair cost. This rule ensures you can rebuild, factoring in current material and labor costs, but excludes land value.
Consider the Age of Your Roof
Regardless of which type of reimbursement for which you are eligible, your insurance company will most likely also refuse to fully cover the cost of a roof that is past its expected lifespan. For a normal asphalt shingled roof, the expected lifespan is 20 years.
When talking to a home insurance adjuster, do not admit fault, downplay damages or injuries, speculate on the cause, give recorded statements, or accept quick settlement offers, as these statements can be used to minimize your payout; instead, stick to basic, documented facts, avoid emotional language, and consider consulting an attorney before providing detailed information, even with your own insurer.
Common Mistakes When Talking to Insurance Companies
Informing your insurance provider about any changes, such as a new roof, ensures your coverage accurately reflects your current home condition. And, in the event of future claims, you won't have to worry about coverage disputes or unexpected out-of-pocket costs.
In cases of severe damage where your home is at risk, contacting a roofer first may be the best course of action. The roofer can provide emergency services, such as covering holes to prevent further water damage, while you work on the insurance claim.
Claiming roof damage on insurance is generally worth it for sudden, significant damage from covered events (like storms) that costs more than your deductible, but it's not worth it for minor issues or normal wear-and-tear, as claims can increase future premiums or lead to policy cancellation, especially on older roofs. Always get a professional inspection to assess damage vs. deductible, understand your policy's coverage (RCV vs. ACV), and factor in the potential impact on your insurance risk profile.
Be prepared to submit documentation, such as receipts, material details, or warranties. Conclusion Yes, you should absolutely tell your insurance company about your new roof. It could save you money, enhance your protection, and ensure a smoother claims process.
Estimating the replacement cost of your home
They'll combine the information you provide with data about comparable properties in your area and the average cost of labor and materials where you live. Of course, your home's replacement cost value is always changing with market conditions and improvements you've made.
Homeowners insurance generally doesn't cover natural disasters like floods, earthquakes, and landslides, damage from pests, mold, and neglect/wear and tear, or losses from war and nuclear events, requiring separate policies or endorsements for these risks, while also often excluding business-related losses, high-value items beyond limits, and some types of water damage like sewage backup.
Car Accidents - Key Takeaways
Avoid making statements to insurers that can hurt your claim, such as apologizing, speculating, or downplaying injuries. Insurance companies often ask questions designed to minimize payouts. A car accident lawyer can handle all communications on your behalf.
The short answer is yes, it can happen. Insurance companies have the right to non-renew or drop your coverage if they believe your roof poses too high of a risk. An insurer can also choose to include a roof exclusion in your policy. We're ready to help you.