Your roof is your home’s first defense against the elements outside. What can homeowner’s insurance do to help you with a replacement roof?
No matter how strong your roof was when it was originally installed, roofs deteriorate over time. For most manufacturers, the average lifespan of a roof is 20 years. It’s no coincidence that insurance companies use this number to determine the monetary value they can give you for a replacement roof. Can the right policy cover a complete replacement?
Insurance and Roof Depreciation
The amount of assistance you can receive from your insurance company to replace your roof depends entirely on the circumstances of the damage. Besides causing purposeful damage to your own roof, the worst variable that insurance companies use to determine a payment amount is roof depreciation.
In simple terms, the older your roof, the less support you can expect. The amount of support decreases further if your roof shows signs of neglect. A roof nearing the end of its 20-year lifespan might even provide you nothing, even if you have paid your entire deductible. The good news for owners of brand-new roofs is that insurance will pay you much more; the bad news is that even a damaged, your typical homeowner’s insurance may not approve the total cost of a replacement roof.
In Case of Uncontrollable Damage
Unforeseen events that cause damage to your roof are a whole other story. If damage occurs to your roof that you could not control (such as a tree blowing down during a windstorm, or heavy hail), your insurance will generally pay for repair or a roof replacement, depending on the limits of your insurance.
In the end, is roof insurance worth the trouble?
ACV Versus RCV Insurance
Two types of roof insurance exist: actual cash value (or ACV) and replacement cost value (or RCV). The real difference between them is how much they will offer if your roof needs to be replaced. ACV roof insurance acts like typical home insurance, limiting the payout depending on your roof’s deterioration and age. RCV, however, does not take this into account. It is typically more expensive, but the financial assistance you will receive will cover the cost of most asphalt roof replacements.
Contact The Roof Doctor for a Replacement Roof in Salt Lake City, Utah
Don’t take chances when your roof needs to be repaired, replaced, or installed! Call your roofing team at The Roof Doctor for a full assessment. We are dedicated to helping our customers and our neighbors live under the most dependable roofs in the industry. We serve Ogden, Layton, Orem, Provo, and everywhere in between!