Will a New Roof Lower My Homeowner’s Insurance?
One of the main things to consider before scheduling a roof replacement in Florida is how it will affect your homeowner’s insurance rates. Like most homeowners, you may assume that a new roof will automatically cause your insurance rates to decrease. However, this is not always the case, as many factors determine how a roof replacement affects your homeowner’s insurance policy.
For instance, a new roof could help lower your rates because it makes the home safer and may reduce the amount of damage your home sustains. However, if you need a new roof due to a disaster, a roof replacement could cause your rates to increase instead of decrease. The main difference is whether you are proactive or reactive in hiring a roofing contractor in Florida to replace your roofing system.
Factors That Determine Your Homeowner’s Insurance Rates
While a new roof can lower your homeowner’s insurance rates, it is never safe to assume that it will work in all situations. Several factors determine how a new roof affects your policy.
Mandatory vs. Voluntary Roof Replacement
If you decide it’s time for a full roof replacement, the insurer will likely lower your rates. This is because you are taking the initiative to improve the quality of your house and protect your family. However, if the insurance company schedules a roof inspection and, as a result, enforces a roof replacement, your rates will likely stay the same or go up.
If you replace your roof with the same materials, your insurance rates are likely to go down. For instance, replacing asphalt shingles with newer asphalt shingles improves the quality of your roof without costing substantially more. However, if you replace asphalt shingles with a metal, tile or cedar shake roof, the cost could increase substantially, warranting an increase in your homeowner’s insurance.
Too Many Claims
One of the risks of living on the coast is the constant threat of hurricanes. As such, your roof may get hit by a hurricane multiple times throughout its life. Consequently, multiple insurance claims could result in an insurance rate increase. So, if your roof replacement follows a partial repair from last year, you may expect an increase in your rates.
Homeowner’s Insurance Discounts You May Qualify For
New Roof Discounts
Some insurance companies will provide discounts after you have installed a new roof on your house. An asphalt shingle roof that’s 20 years old is more prone to leaks simply because it’s near the end of its lifespan and has taken the brunt of 20 years of weather. For this reason, insurance companies view older roofs as high-risk since homeowners are more likely to file a claim that results in higher insurance premiums.
A newer roof is less vulnerable to weather damage and presents a lower risk to insurers. Insurance companies often provide discounts for new roofs. So, you’ll want to consult with your insurance agent to determine how much of a discount you can receive. Some insurers in Florida will offer discounts of up to 20%, which can give you substantial annual savings.
Discounts for Impact-Resistant Roofs
Having an impact-resistant roof reduces the chances that you’ll file a claim with your insurance company. Some insurance companies will offer different rates for impact-resistant roofing materials, such as composition shingles, rubber shingle roofs or metal roofs. The discount may offset the additional expense associated with installing this type of roofing material.
Before you choose a roofing material, you’ll want to consult with your insurance agent to find out which roofing material qualifies for an impact-resistant discount. Generally, insurance companies will offer discounts between 5% and 20% because you’re significantly lowering the risk of filing a claim.
Schedule a Free Roof Inspection for Your Home
Quality Roofing Solutions offers premier roofing services for homeowners in Florida. Call 850–378–3757 or fill out the quick form on our contact page to schedule a free roof inspection.