One major concern that many homeowners face with roof repairs, is the cost associated with those restorations. Fortunately, homeowners don’t always end up responsible for the bill–or at least all of it. Depending on your homeowners’ insurance and the extent of the roof damage, all or a significant portion of the associated cost can be handled.
Your homeowners’ insurance will cover damage inflicted by common perils, such as wind, rain, fire or hail and most homeowners insurance covers unpreventable occurrences or natural causes, such as hurricanes, tornadoes or a tsunami.
It’s important to keep in mind that there are certain conditions that can affect when your insurance policy will help you, and if so, how much you will be reimbursed. For example, whether or not your homeowners’ insurance will pay to have the leak in your roof repaired is dependent on the cause of the leak. If the leak was caused by a hail storm, your insurance policy would likely cover this; however, if the leak was deemed the result of a lack of maintenance, then you will be stuck covering the cost.
Another significant factor is your roof’s age. Some insurance companies will look at the age of your roof when the damage was sustained. A roof that is under 10 years of age is more likely to be covered than a roof over 10 years. In the scenario that your roof is over 10 years of age, your insurance company may only reimburse you for the depreciated value of the roof.
When choosing a homeowners insurance policy, it’s important to consider your geographical location and general climate, as these factor into the weather conditions your roof will be exposed to. It’s also important to notice where an insurance policy sets your deductible and coverage limits at, prior to agreeing to a policy.