Your roof is one of the most significant investments in your home, protecting everything beneath it. But what happens when that investment ages? Many homeowners find themselves wondering: is my 20-year-old roof still eligible for insurance coverage?
It’s a crucial question, especially considering the substantial costs involved in roof replacement. While homeowner’s insurance typically covers your entire home, the rules can get complicated when it comes to older roofs. Insurance companies often have specific policies regarding roof age and condition.
In this article, we will cover whether your aging roof is still insurable, what you need to know about coverage limitations, and steps you can take to protect your roofing system. Whether you’ve lived in your home for years or recently moved into a new property, understanding your roof’s insurability is very important.
Is Your Roof Older Than 20 Years?
The 20-year mark is often considered a significant milestone in a roof’s lifespan, and for good reason. But why the focus is around 20-25 years?
Your roof is supposed to protect your home for decades. But after a certain period, usually around 20 years, it starts to show signs of wear and tear.
In fact, asphalt shingles, the material that is installed on more than 70% of homes in WNY, have an average life expectancy of 20-30 years.
This widespread use and predictable lifespan make the 20-year point a common threshold for insurance companies when assessing roof coverage. After this point, most roof insurance companies will not cover your roof.
Why Is Insurance Coverage Difficult For A Roof That Is Over 20 Years Old?
- Increased risk: Older roofs are more prone to leaks and damage, making them a higher risk for insurance companies. This increased risk often translates to higher premiums or reduced coverage.
- Depreciation: Insurance companies factor in the depreciation of your roof. As it ages, its value decreases, which can affect how much an insurer is willing to cover for repairs or replacement.
- Maintenance concerns: Insurers often worry that older roofs may not have been properly maintained over the years. Poor maintenance can lead to more frequent and severe damage, increasing the likelihood of claims.
- Outdated materials: Roofing technology and materials improve over time. Older roofs may be made with materials that are less resistant to weather damage, making them more costly to insure.
However, it’s not just asphalt shingles that make this timeframe noteworthy. Other roofing materials such as wood shakes or metal also start to wear down as they go past the 20-year-old mark. So while you can get coverage for your roof, there might be some complications involved.
What If I Have A 20-Year-Old Roof?
Now that we covered that it is difficult to insure a 20-year-old roofing system, it’s important to note that is this not the case for all the companies.
First and foremost, it’s crucial to understand that insurance policies can vary significantly between providers. While the 20-year mark is a common threshold, some insurers may have different age limits or assessment criteria.
Review Your Policy
It’s crucial to take a close look at your insurance policy or have a chat with your agent about your roof coverage. Every policy is different, and the details matter. Check for any specific clauses about roof age or condition. Look for terms like “roof endorsement” or “roof exclusions.” Don’t be shy about asking your agent to explain anything you don’t understand. It’s better to know exactly what’s covered now than to be surprised later when you need to make a claim.
Conduct A Free Roof Inspection
Before making any decisions, it’s wise to schedule a professional roof inspection. Many insurers require this for older roofs, and having an updated inspection report can be beneficial for both you and your insurer.
Note: You have better chances of getting an insurance settlement in the following cases:
- Your roof has been inspected at least once a year throughout its life
- Your roof compiles with all the local building codes
- You perform regular roof maintenance
Also Read: Why Buffalo Homeowners are Rushing for this Free Roof Inspection Offer
Up Your Roof Maintenance
Even if your roof is nearing the end of its expected lifespan, proper upkeep can go a long way in preserving its condition and possibly extending its functionality. Many insurance companies look favorably on homeowners who actively maintain their property.
Types Of Coverage Options Available For Your Roof
When your roof gets beyond the age of 20 years, getting a full claim for roof replacement is quite difficult. In such cases, your coverage will depend on two options:
- Actual Cash Value (ACV)
- Replacement Cash Value (RCV)
ACV:
When you file a claim, chances are it’s through the actual cash value (ACV). This is the amount equal to the replacement cost minus depreciation. This means they’ll only pay what your old roof is worth now, after years of wear and tear. The difference can be thousands of dollars.
For example, a new roof might cost $10,000, but the actual cash value of your old roof might only be $4,000.
RCV:
This is overall a better alternative. Replacement cost coverage is like getting a new-for-old deal. If your 20-year-old roof is damaged, the insurance pays to replace it with a new one. However, premiums for this coverage are more expensive.
What To Do When Your Roof Is Not Eligible For Insurance Coverage?
If your insurance company says they won’t cover your roof anymore because it’s too old or in bad shape, don’t panic. You’ve got a few choices:
- Roof Replacement: Yes, it’s an expensive job, but getting a new roof can solve your problems. A new roof can make your house look great and even save you money on energy bills. Many roofing companies offer great financing options that can help with the financial burden.
Also Read: Top 3 Roof Replacement Options
- Research Other Policies: Not all insurance companies have the same rules about insuring older roofs. Some are more flexible, while others are very strict. It’s a good idea to check with a few different insurance companies to see if you can find one that’s willing to insure your older roof.
Want To Replace Your Roof? We Are Here To Help
Navigating insurance coverage for a 20-year-old roof can be complex, but being informed and proactive can make a significant difference. By understanding your policy, taking care of your roof, and communicating effectively with your insurance provider, you can maximize your chances of maintaining adequate coverage.
If your roofing system has aged or been damaged and you’re looking to replace it, trust the team of Buffalo’s Best Roofing Company. We are premier roofing contractors in Western New York. We also offer flexible financing options that make it possible to get the roof of your dreams. Contact us today at (716) 276-3673.