There is no denying the fact that replacing a roof is an expensive project. If you were not able to save for it, finding ways on how to pay for it can be too daunting.
If your roof has been damaged and the only option that you have is to replace it, you might be wondering if your homeowner’s insurance will cover it or not. After all, you also shelled out hundreds to thousands of dollars for that type of insurance.
Will homeowners insurance pay for a new roof? This article will help answer that question!
Will Homeowners Insurance Pay for a New Roof?
Let’s tackle the topic head-on. The answer is that it depends on two things: the cause of damage and the coverage of your insurance policy.
Typically, a homeowner’s insurance policy will cover the cost of Replacing Your Roof when it gets damaged. However, it often depends on what caused the damage. The insurance company will cover it only if the damage was a result of an accident or acts of nature.
If the damage was brought about by wear and tear of the roof or because it is already past its prime (exceeded the expected lifespan) or old age (nearing the end of its expected lifespan), the insurance company won’t cover it because it is the owner’s responsibility to maintain it regularly and replace it as needed.
Types of Roof Damage That May be Covered by a Homeowners Insurance
In addition to the cause of roof damage, another factor to take into account when determining if the insurance company will cover the roof replacement is the extent of coverage of your homeowner’s insurance policy.
With that in mind, here are some of the most common roof coverages available along with the types of roof damage that they may cover:
This type of homeowner’s insurance policy aims to protect the house’s structure from specific causes of damage such as fire, wind, and hail. If you have this coverage in your insurance policy, roof replacement caused by these elements will be shouldered by the company.
Other structures protection
If the roof in a property that is not attached to your home (garage, shed, and the likes) is the one that needs to be replaced, its replacement will only be covered by your insurance company if you have this protection in your policy.
Aside from the coverage, another thing that you should look into is the exclusions in your insurance policy. Some policies come with hail and windstorm exclusions. This means the insurance policy will not cover the roof damage caused by these elements.
During these times, you must read and study your insurance policy, including all the fine print. In this way, you will know what your coverage and deductible limits are.
What to Do to Determine if The Insurance Company Will Cover It or Not
After considering the above-mentioned factors and you are still not sure whether or not the insurance company covers the case of roof replacement, it is recommended that you call them immediately to schedule an Inspection.
To prepare for the inspection, try to prepare all the documents that the company will require. These may include a copy of your home insurance policy, home inspection reports (if you have any), receipts for the repair work you have done, and pictures of the healthy roof and the damage that has occurred.
On the day of the inspection, the company will send over an adjuster who will take a look at the damage in your roof. Show them the documents you have prepared so they can assess the damage more efficiently and accurately. The company will then notify you of its assessment.
Dealing with Roof Replacement Costs
If the company decides to cover the cost of your roof replacement, congratulations!
But what if you are the unlucky one that has been denied of your claims? How can you be able to finance your Roof Replacement project?
Paying for roof replacement costs out of your pocket is a good option. Sadly, not everyone has enough money saved for rainy days like these. If you are one of these people, you may want to look for the financing options available these days.
The most common option would be taking out bank loans. An even better yet underrated option is working with a roofing contractor that offers financing plans. This option is considered to be more convenient, affordable, and accessible.
If you wish to know more about this option, give us a call. We have partnered with Hearth Financing to make paying for your roof repairs easy.