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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: cmannphoto/Getty Images July 01, 2021 Cynthia Paez Bowman is a former personal finance contributor at Bankrate. She is a finance and business journalist who has been featured in Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and TheSimpleDollar.com. Maggie Kempken is an insurance editor for Bankrate. She helps manage the creation of insurance content that meets the highest quality standards for accuracy and clarity to help Bankrate readers navigate complex information about home, auto and life insurance. She also focuses on ensuring that Bankrate’s insurance content represents and adheres to the Bankrate brand. Bankrate logo The Bankrate promise
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money. Our content is backed by LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. We reduce industry jargon so you get the clearest form of information possible. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first. Bankrate logo Editorial integrity
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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate logo Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. If you are wondering, “does insurance cover ,” it depends on the circumstance. A home insurance policy covers damage to things like your structure and roof if it is damaged by a covered peril. Some policies will name or exclude specific perils. If your roof needs replacement due to unexpected acts of nature or severe weather other than flooding, it is likely covered. But if your roof is older or requires maintenance and repair, standard homeowners insurance typically will not reimburse roof replacement. Lightbulb Bankrate Insight Older roofs typically cause more home insurance claims — and the damage is more severe. () The average life expectancy of the most common type of roof (asphalt shingle) is 20 years. () Insurance roof replacement is typically limited or excluded when roofs are 20 years or older. An insurance company may require a roof inspection before insuring a home with an older roof and may only allow for in case of damage. Many homeowners underestimate roof age. Inaccurate roof age costs home insurers $1.14 billion in lost premiums each year. () How does roof insurance work
Roofs can be considered the frontline of defense when it comes to keeping your home and its contents safe. This is because they are built to withstand the elements, including sun, wind, freezing temperatures, hail, rain and more. However, a roof — no matter how well it is built — weakens over time, making it more vulnerable to damage. Repairing or replacing a roof can be costly. Insurance carriers will pay for the damage if it occurs due to a covered peril. To reduce the risk of taking on a significant damage claim, however, insurance companies may be hesitant to fully cover an older roof and may even require an inspection to confirm it is capable of withstanding the elements. An insurance company could decline coverage if the roof is older or lacks maintenance. Instead, the carrier may decide to provide actual cash value insurance, which only pays for a portion of a claim based on the roof’s age and condition. The explains how actual cash value for a roof that will cost $10,000 to replace works: 5-year-old roof 10-year-old roof 20-year-old roof Actual cash value of roof $8,500 $7,000 $4,000 Minus deductible – $4,000 – $4,000 – $4,000 Policy would pay $4,500 $3,000 $0 Types of roof damage
There are two main types of roof damage in the eyes of an insurance company: damage from a covered loss or wear and tear. For example, if your roof has a leak or damage due to covered losses such as rain, hail, snowstorm, a falling tree branch, wind or fire, the insurance company will usually step in to pay for the repair or replacement up to your coverage limits. If there is a leak that is not associated with a due to the failure of the structure, lack of maintenance, or the roof’s older age, an insurance company will likely not cover the cost to repair the damage or replace the roof. That is why it is important to keep your roof well maintained — a failing roof can be expensive and most likely will not be covered by home insurance. Keeping your roof safe
A roof in good condition can withstand extreme weather and damages better than an older roof. To keep yours in its best condition so it can continue protecting your contents for years to come, consider the following maintenance: Schedule a periodic inspection: Hiring a roof inspector to take a look at your roof every few years could help find issues early. Finding a reputable inspector you can trust is essential — some roofing companies may claim there are issues simply to encourage you to replace your roof. Prune nearby trees: A tree too close to a rooftop can cause damage in a couple of ways. If there is a strong wind or ice storm, a tree branch can break, falling on the roof and causing damage to the structure. A tree branch can also rub against the roof for prolonged periods, deteriorating the surface or dislodging shingles. It is best to keep trees too close to a roof trimmed and clear of the area. Keep gutters clean: Gutters are meant to carry water — what could be a roof’s biggest enemy — away from the rooftop. If a gutter is filled with leaves or debris that clogs the gutter, water can overflow onto the rooftop, weakening the structure or causing interior leaks. I need a new roof now what
A new roof is a significant investment. The average cost of replacing a roof is as much as . Start by searching for a quality, reputable roofing company. Referrals from friends or family can be helpful, but it is always a good idea to confirm that the company is licensed, bonded and insured. Besides choosing the right company, the type of material you choose can make a big difference in how long the roof will last. As mentioned, asphalt shingle roofs have an average life span of 20 years. Modernize.com claims there are of roofing shingles available. Depending on the area you live in, you may choose: Shingle material Replacement cost Life expectancy (according to the NHBA) Copper Up to $19,500 Over 50 years Slate Up to $50,000 Over 50 years Concrete Up to $24,000 Over 50 years Clay Up to $50,000 Over 50 years Asphalt Up to $15,785 20 years Fiber cement shingles Up to $16,500 25 years Wood Up to $15,645 30 years Roof repair vs roof replacement
When deciding on whether to repair or replace your roof, you might want to consider the following options: Repair if the damage is minor and localized in one spot. Replace the roof if the repair costs close to replacing it. Repair the roof if it is fairly new — 10 years or less. Replace the roof if it is older and you plan on selling your home in the near future. Repair the roof if the non-matching new shingles do not affect the home’s curb appeal. The bottom line
A roof repair or replacement may be one of the most expensive aspects you may deal with as a homeowner. Your home insurance is there to pay for roof-related damages, but only for covered perils such as damages from severe weather, falling objects or fire. Your homeowners insurance does not typically cover damages or leaks caused because an older or poorly maintained roof is failing. A roof in good condition is more likely to withstand the harsh elements and any unexpected events. That is why it is important to stay on top of maintenance to avoid a more significant problem down the road. SHARE: Cynthia Paez Bowman is a former personal finance contributor at Bankrate. She is a finance and business journalist who has been featured in Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and TheSimpleDollar.com. Maggie Kempken is an insurance editor for Bankrate. She helps manage the creation of insurance content that meets the highest quality standards for accuracy and clarity to help Bankrate readers navigate complex information about home, auto and life insurance. She also focuses on ensuring that Bankrate’s insurance content represents and adheres to the Bankrate brand. Related Articles