Until age, hail, rain, snow, or some other natural disaster causes leaks, many home owners don’t think much about their roof. But for insurance companies, the roof is one of the most important parts of the house when it comes to determining your premium.
How Your Roof Impacts your Home Insurance Rates
Generally speaking, your roof’s condition, age, and type will play a large part in determining your homeowners insurance rates. For instance, a house with a roof that is less than 10 years old and of quality construction, is usually cheaper to insure. Older roofs may be prone to leaks that result in costly damage and high claims, so insurers cut homeowners a break on their premiums for a roof of more recent vintage.
Conversely, top-quality materials may result in a costlier homeowners rate. Roofs made out of steel panels, concrete shingles, slate or tiles are known for their reliability, but can be more expensive to replace, resulting in higher premiums in some locations.
That’s because climate in conjunction with roof type also plays a part in assessing your risk. For example, if you live in an area where roof damage is common due to natural weather events, such as hail storms, using a high-end material could see your premiums going through the roof (pardon the pun), because the risk of damage is higher. Similarly, a home sporting cedar shingles in an area prone to wild fires will see higher rates, and some insurance companies may even refuse to insure the home all together.
That’s why it’s important to check with an insurance company when deciding what type of roof is best for your house. If you’re searching for a home, be sure to check out the roof and how much it will cost to replace it if necessary. All these factors will help you get the best insurance rates and pay the best insurance premium.
If you’re considering getting a new roof this spring, give us a call here at BOLT Insurance Agency ahead of time, so we can discuss the best types of roofs in terms of insurance rates. 1-800-216-4171