Have you ever hesitated to get your roof replaced, not because of how much the roof itself costs but because you were concerned that it would raise your home insurance premium? The truth is, a new roof can actually save you money on home insurance! Here’s how.
The potential discounts
Typically, insurance companies will reduce your premium if you get a new roof because a new roof is an asset while an old one is a liability. Be sure to check with your insurance company to determine how much of a discount you could receive if you got a new roof or upped the quality of the one you already have. According to EverQuote.com, “Discounts for replacing or improving roofs will vary state by state and company by company, but a new roof could reduce your premiums by 20 percent.”
When buying a new home
When you’re looking to buy a new home, consider buying a home that has a new roof already. Some insurance companies won’t even cover homes that have older roofs! You should also look for a home that has a heavy-duty roof made out of materials such as slate, metal, tile, or asphalt shingles.
Maintenance is key
In order to keep your home insurance premium low, it’s important for you to prioritize roof maintenance. Getting your roof inspected regularly and fixing weak spots immediately can help keep your insurance premium low. The longer you let damages go, however, the more money you will pay for repairs and, additionally, the higher your insurance premium will be as well.
Closing thoughts
Generally, getting a new roof lowers your home insurance premium, but be sure to double check with your insurance company to find out how much of a discount they offer for homes with new roofs as well as how much you could save if you updated your current roof. How old the roof is, the type of materials it’s built out of, etc. can all have an impact on your premium. If getting a new roof meant you ended up paying a lower home insurance premium, would you do it?