Does Insurance Pay for Replacing My Roof?

You Get What You Pay For

When a roof sustains damage, homeowners depend on their insurance policies and financing plans to help cover expensive repair and replacement costs. Hazards like hurricanes, hail storms, falling trees, and more mean insurers handle many roof-related claims. Dealing with the claims process requires understanding the factors that determine how much insurance provides for roof replacements. Does insurance pay for replacing your roof?

An image of a married couple worryingly looking at their home owners insurance premium. It's too expensive. Does insurance pay for replacing their roof?

Does Insurance Pay For Replacing My Roof? What About Costs Your Insurance May Not Cover?

Most homeowners choose to finance the total upfront cost of a new roof and then apply any insurance payouts later to the financing balance. This allows the roof project to be completed immediately rather than waiting months for the claims process. A financing plan through the roofing company spreads costs over time with monthly payments while providing the funds to fully pay for the new roof when it’s installed.

Insurance policies in Florida typically cover sudden and accidental roof damage from covered perils like wind, hail, lightning, fallen trees, and more. This is considered an all-perils policy. If the roof requires full replacement, the most important factor is roof depreciation. Insurers will depreciate the value of an older roof to determine coverage.

Florida law allows insurers to depreciate roofs at a straight-line rate of up to 20 years before they are considered fully depreciated at zero value. Your depreciation percentage depends on the age of your current roof. Upgrading to a 50-year roof resets the depreciation rate substantially for better future coverage.

An image of a young, married couple sitting in the grass in front of their house. Both are smiling. Did insurance pay for replacing their roof?

The Benefit No One Tells You About

So, does insurance pay for replacing my roof? Something very helpful for many homes is that your monthly insurance premium can be drastically reduced by replacing your roof. This often means that your new roof payments are less than what your insurance had been. So you can lower your monthly expenses by trading one bill for a less expensive one. The first step to this is having your roof examined to see if your home qualifies for our roof replacement program. To schedule your free roof inspection, click here.

Published On: 02/21/2024Categories: BlogBy