Posted on: 15 July 2016
American homeowners pay a national average of roughly $952 a year for home insurance, which is supposed to cover damages to your home, including damages sustained by your roof. However, premium rates can often fluctuate depending on certain factors. For instance, the type of roof you have and even the age of your roof can determine how much you end up spending on home insurance. Fortunately, there are some ways you can keep home insurance costs to a minimum.
Replace Your Home's Older Roofing System
Despite having a variety of roofing materials to choose from, asphalt shingles remain the most popular choice throughout the U.S., but there is a good reason for that. Asphalt shingles provide the convenience of a low cost per square foot, and they are available in a multitude of styles and colors. Asphalt may also seem like a great choice since the material offers a lifespan of 15 to 20 years for three-tab shingles and between 20 and 25 years for architectural asphalt shingles.
Just because your roof has not yet reached its maximum lifespan does not mean you should wait to invest in a new one. Should you decide to wait it out, you could find yourself spending more money out-of-pocket than necessary on your home insurance. In recent years, home insurance companies have paid attention to the fact that increasing severe storm patterns cause damages to homes, particularly the roof.
Many homes have been hit hard by wind and hail damage over the last few years, which is why many home insurance companies have decided to scale back on their roofing system coverages. They realize that an old roof is far riskier than a newer roofing system. An old roof is more likely to lose shingles in high winds or perhaps sustain other severe damages in the event of a storm. For that reason, insurance carriers are willing to raise your insurance rates to accommodate the risk of your aging roof.
If you have the means to do it, you should place some serious consideration into replacing your roof. Though it might seem like an expensive move now, it could be cheaper for you later on down the road. Not only will insurance companies lower your premiums, but if they provide actual cash value, otherwise known as ACV, on your roof, your depreciation value will not be as cheap.
ACV translates into how much money you would have to spend to replace your roof if it is damaged based on how old the roof is and how much it depreciated over the years. For instance, say you installed a roof on your home 10 years ago, and it cost you $20,000 to do it. You would like to think that the insurance company would provide $20,000 to replace the roof, but that is not the case.
Instead, the insurance company is likely to deduct an estimated $1,000 a year off your roof's value based on depreciation. Add to that a $1,000 deductible payment and your now 10-year-old roof would be $11,000 out of your pocket to fix, whereas the insurance company would pick up the other $9,000. Therefore, replacing your roofing system could end up saving you some serious cash down the road.
Choosing Materials for Your New Roofing System
Now that you have decided a new roof is your best option for cheaper home insurance, you need to consider the type of materials you want for your roof. Keep in mind that the materials you choose can also impact your home insurance rates. For instance, clay tiles can last a lifetime as long as they are installed correctly and with a solid underlayment.
However, the tiles are quite heavy, which can create a structural support risk to your home. Also, the cost to replace them is high given how expensive they are, which could equate to increased insurance rates. Therefore, you want to select the materials for your new roof carefully, which will require knowledge regarding different roofing materials.
For lower insurance rates, your best bet is to opt for a metal roof. That is not to say that a metal roof does not have its drawbacks. Rain and hail hitting a metal roof can prove noisy, which may frustrate some homeowners. Additionally, a metal roof tends to have a higher cost compared to some other roofing materials, such as asphalt shingles. Despite the higher cost of a metal roof, you can the highest discount on your insurance rate with a metal roof.
Metal roofing offers some other benefits such as impact resistance and fire resistance, both of which can ensure deep discounts on your homeowner's insurance policy. The more susceptible to damage your home and your roof is, the more likely it is that you are going to pay insanely high rates for your coverage.
Speak to a roofing professional at a company like Allen Roofing & Construction Inc near you to find out what other options you might have for lowering your insurance rates. A professional can provide you with information regarding the best approach for roof replacement and roofing materials needed so that you can score the best rates possible.Share