If You Have an Older Roof, You May Be Wondering About Insurance Coverage
Understanding your insurance policy is one of the most important things you can do as a homeowner. Unfortunately, insurance policies are rarely simple, and they can differ significantly depending on where you live, which carrier you have, and specific details about your home. This leaves homeowners with many questions, and we’ve had many ask: Will insurance cover a 15-year-old roof?
As experienced Omaha roofing experts, our team at Anchor Roofing makes it our mission to help homeowners better understand their roof and related topics like homeowners insurance. While you should talk to your insurance provider if you want to know more details, today we’re discussing whether—and how—insurance will cover a 15-year-old roof.
Will Insurance Cover a 15-Year-Old Roof?
Generally speaking, insurance companies will cover a 15-year-old roof—in some fashion. The caveat here is that as your roof ages, your policy may change a bit in terms of how much value you can expect to receive in the event that your roof is damaged to the point of replacement.
For example, most homeowners insurance policies will be either Actual Cash Value or Replacement Cost Value. These policies differ in how valuable they consider your roof to be. If you have a replacement cost policy, the value of your roof is whatever it originally cost to install it. So, if your roof needs to be replaced after 5 years or after 15 years, you should receive the same amount.
Actual cash value plans, on the other hand, take depreciation into account. If your roof has an expected lifespan of 30 years, and it’s damaged by hail after 10 years, you’ll only receive 66% of the value for a hail damage roof replacement.
Your Policy Might Change
If you have a replacement cost insurance policy, you generally don’t have to worry about depreciation or losing coverage. However, sometimes insurance policies may transition from replacement cost to actual cash value after a certain point. For example, we’ve seen homeowners insurance policies make this transition once the roof is anywhere from 9–15 years old.
One way to tell if this has happened is to pay attention to updates on your coverage. For example, if you have been sent a letter stating you are getting a discount because of less coverage, your policy likely changed to actual cash value. If you’re still being charged full coverage, you likely still have the original policy of when the roof was new.
Always Ask Your Insurance Provider
So as a general rule, insurance will cover a 15-year-old roof. The main difference lies in the amount your roof is valued at, which can impact your payout when it comes time to replace your roof.
All that said, there’s no way to know the details of your coverage for sure without reading carefully and asking critical questions of your provider. Here are some questions you’ll want to ask if you’re interested in learning more about coverage for an aging roof:
- What constitutes my deductible amount?
- Which type of coverage is included in my policy: Replacement Cost or Actual Cash Value?
- Does my policy contain any specific exclusions, such as for soft metals or cosmetic aspects?
- Will my roof insurance policy transition to Actual Cash Value? If so, at what age of the roof does this happen?
- Is Code Upgrade coverage included in my policy?
- What is the time limit for filing a claim under my policy?
- Within what timeframe must all repairs be finalized?
Anchor Roofing: Your Insurance Roof Replacement Experts
Insurance can be a headache for any homeowner to navigate. Unfortunately, much of this is just part of being a homeowner. That said, as professional roofers with decades of experience in storm restoration, our team at Anchor Roofing is here to be a resource for navigating insurance claims.
If your roof becomes damaged by hail, wind, or from any other source, reach out to our team to book an inspection. We’re known for our thorough inspection process and we’ll ensure no problem on your roof goes unnoticed. Contact us today!