If you’re looking to save on homeowner’s insurance, the condition of your Virginia Beach roofing could be the key to lower premiums. That’s because as a home ages, it becomes more vulnerable to damage.
In 2014 alone, insured severe thunderstorm losses exceeded $12.3 billion, and damages from winter storms were estimated to exceed $2.3 billion in the U.S. The southeastern Virginia area experienced its coldest winter in over a decade. According to the Insurance Institute for Business & Home Safety, an independent non-profit research group, roof damage occurs in 85-95% percent of wind-related property losses every year. With such high stakes, it’s understandable that insurers want a roof to be in tip-top shape for you to get the lowest rates.
Older Roofs Mean Higher Premiums
As a roof gets older, it begins to suffer the effects of normal wear and tear. Asphalt shingles start to dry out and become less pliable, which means they don’t adhere as tightly and don’t absorb impact as well. Flashings loosen and rubber boots around pipes and vents slowly dry out, creating a place for water to enter. When a strong storm blows through, all of these issues mean an older roof is far more likely to sustain losses.
For the insurer, the several thousands of dollars in cost associated with a roof replacement will take years to recover. As a result, many insurance companies charge higher premiums for a home with an old roof. Some insurers even may deny coverage if your shingle roof is past a certain age, specifically around 20 years. However, if you have a Vermont Slate roof, you could get at least 100 years of service without issues, while a Buckingham Slate
Another Way to Save
An additional factor that plays into how much you’re charged for home insurance is the material your roof is made of. As we discussed in a previous blog, Class 4 roofing materials receive the biggest premium discounts. These materials offer the highest impact resistance and include natural slate, metal, and upgraded asphalt shingles with polymer modified asphalt. Lower premiums and the reduced likelihood of damage offset the higher upfront cost of an impact-resistant roof.
No matter the age of your roof, regularly scheduled maintenance is key to making it last as long as possible. The experts at The Roofing Company can answer any questions about your roof, and help you develop a repair, replacement or maintenance plan to keep your insurance premiums low. We’re the Virginia Beach roofing company local homeowners and businesses have trusted since 1998. Give us a call today at (757)-903-0050.