Homeowner’s insurance is a necessary expense and when storm damage or another calamity strikes, you expect to get back some of those dollars to help cover the unexpected costs to repair your roof and other property. What many homeowners don’t know is that some insurers are now minimizing their liability for roof repair by enacting an age limit on roofs.
Insurance companies realize that the older a roof, the more susceptible it will be to damage and the higher the probability you will file a claim for repair. This is why more and more companies are hesitating to renew homeowner insurance policies for homes with a roof that is older than 20 years without an inspection. According to Loretta Worters, vice president of the Insurance Information Institute in New York City, “There are some companies that are paying actual cash value for roof replacements for older roofs or not writing a new policy with roofs over 20 years old until they are replaced.”
In an effort to keep home insurance profitable, companies like Allstate are introducing new policies that cover “actual cash value” of a roof that is older than 10 years, rather than the full cost of roof replacement. The older the roof, the less cash value you will receive to apply toward replacement. This method is partly aimed at encouraging homeowners to properly maintain their roofs, so that they are less susceptible to damage. Routine roof maintenance is particularly important in coastal areas like Hampton Roads, where hurricanes can strike at any time.
And there’s another reason to keep your roof properly maintained by qualified roofing contractors in Norfolk, VA. After a storm, a written inspection can prove to your insurer that roof damage wasn’t preexisting.
Bottom line: be aware of your homeowner’s coverage, and any changes in policy that may affect your roof. If your insurer adds an endorsement or refuses to renew your policy without an inspection, consider shopping for quotes from other companies. However, this is an insurance trend that’s likely to continue.
For questions or to schedule an inspection of your Virginia Beach roofing, call the Roofing & Remodeling Company today at (757)-867-6600. For more than 15 years, we have been the leading choice for expert roofing in Hampton Roads and the Southeastern Virginia region.