Springtime is almost here and with spring comes rain, sometimes lots of it! Rain brings everything back to life, but it also puts your home’s structure to the test. Our roofs do a good job at covering us, but is our roof covered by insurance when it fails? Let’s take a closer look at your homeowner’s coverage!
A roof replacement is one of the largest home maintenance expenses there is. The national average cost is around $8,000. You can save, knowing your roof will need replaced in time, but what about random storm damage? When this happens, it’s best to know exactly what your policy covers.
3 Basic Levels of Home Insurance & How Your Roof Factors In:
- Actual Cash Value – This level will consider the roof’s age and condition right before you file the claim to get how much the roof would be worth, better known as the depreciation amount. This roof insurance policy promises to pay up to the amount the roof is worth at that moment. What happens if a wind storm damages your roof off at the end of its life, under this policy? You will probably see a larger depreciation amount and will have to pay the difference out of pocket.
- Replacement Cost – This policy will pay to repair damage without factoring in the depreciation amount. For this level of policy, you will pay a little more in premium than ACV, but it will cover you no matter the depreciation of the roof. If you are struggling with the amount of premium, you could increase your deductible.
- Extended Replacement Cost – This is an expansion on your dwelling coverage limit that helps in rebuilding situations caused by acts of nature or things out of your control. You’ll want to consider this coverage if your home is in a vulnerable area such as Tornado Alley.
Pull Out Your Policy Now
Let’s go over how to look at your roof insurance policy!
- Declarations Page – This is the who, what and how much page. You should see who the insurer is and who the policy is for. You should also see the address of the property insured. Most importantly, you’ll also see how much is insured along with your premium. You should find your dwelling amount here.
- Policy Booklet – This is where the details are! Delve deep into these pages to find out what exclusions there are. In here you’ll be able to find out if your expenses are covered to find additional shelter if your house is not livable.
- Endorsements – This is where you might have customized some of the original homeowners policy to either save money or get more coverage.
Keep this policy handy for a quick grab, as it is usually pulled out for emergency situations such as filing a claim. Ask your insurance agents to send you a digital copy to keep on your phone or tablet for easy access.
Filing a Roof Insurance Claim
When disaster strikes, decisions on what to do next are so much more difficult. Here are the steps you should take:
- Protect and Prevent – First and foremost, make sure everyone is out of harm’s way and alright. Once things are calmer, assess the damage and determine what you should do to prevent more damage. An example would be to throw a tarp over a hole in the roof that was caused by a hailstorm.
- Get Documentation – Make a list of what was affected and take pictures of the damage. Take note to timestamp all actions.
- Call Your Insurance Agent – File a claim with your insurance agent. They can walk you through the situation. Be sure to review your coverage first to make sure it all makes sense to you.
The Bottom Line for Your Roof Covered by Insurance
Typically, home insurance is there to cover unexpected events that are out of our control. Your individual policy depends on your risk assertion. You might be alright with paying more later, so you pay a little less up-front and vice versa.
Make sure you clearly understand what is covered, and that it is all up-to-date (including your inventory list).
Any one of us can sit down and evaluate your individual situation with proper homeowner insurance coverage. We are independent homeowner insurance agents with local insurance offices in Centerville (Dayton) Ohio, West Chester (Cincinnati) Ohio, and Northwood (Toledo) Ohio. We have insurance licenses for Michigan Ohio Indiana and Kentucky, so be sure to ask us about your property.
Contact Us Today & Let’s Chat About Insurance Policies Best Tailored To YOU!
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