Will Insurance Cover a 15 Year Old Roof?

A valid home insurance policy should have your roof expenses covered if the apparent damage is caused by fire, hail, or strong wind. If you file a home insurance claim, you’ll likely be reimbursed for the damage your foot has sustained over the years.

However, insurers may require an individual computation for deductibles and coverage limits to determine the allowable amount you can be paid. 

The present age of your roof is one important factor home insurance companies often consider when providing coverage. Even small leaks can be covered by your policy as long as the root cause of the leak falls within the list of insured risks. Aside from your property’s main structure, you can also have the other roofs unattached to the house, such as the garage, walkway, and patio covered by the policy.

The decision as to whether your insurance policy will have your roof covered in partial or full will depend on the service life of the roof and its current condition after it has been installed. If your roof’s age is already 15 years old, insurers might require to have it inspected thoroughly by an accredited professional roofer before renewing its replacement coverage.

Coverage Restrictions

If your insurance provider has determined that the damage is due to lack of maintenance or normal wear and tear after years of installation, your claim will likely be denied.

Other possible reasons for the denial of your claim include pest-induced damage, intentional fire, inaccurate roof inspection, and fraud. Roofs that are 20 years and older will likely have limited coverage as older materials are typically insured at their actual cash value, referring to the amount you can reimburse after 20 years of value depreciation. For 15-year old roofs, you’ll be reimbursed after passing a thorough roof inspection on-site or submitting an inspection report detailing the actual condition of the roof.

Some insurance policies contain a separate deductible for roof damages caused by wind or hail. Verify with your insurance representative if wind or hail damage is either covered by an individual deductible option or not. Furthermore, make sure to check your deductibles at a price you can afford for both replacements and worst-case scenarios in roof repair New York to avoid additional cost.

Once your roof reaches 15 years, your home insurance provider will send out an important notice informing you that your roof coverage will switch from roof replacement to actual cash value. You’re likely to receive an actual cash value policy written by the insurance firm. However, there’s still a chance to get your roof covered under roof replacement if you can keep your roof in pristine condition even after 15 years of existence.

If you wish to purchase a new house with a roof over 15 years old, you’ll likely encounter some compliance issues with your lender since many lenders require a roof replacement policy regardless of the current age. Unless you’re paying spot cash for a newly-renovated home, you need to shop around for the appropriate insurance company, which will likely require you to pay more for the coverage. To determine the roof’s exact age, you can request information from the roofing manufacturer or check the building permit history for roof replacement of the house you’re purchasing. If none of these things are available, you can request a professional roofer to check the date codes from your roof and roof vents.

Over the past years, the frequency of wind and hailstorms has been steadily increasing, prompting home insurance providers to offer actual cash value options for roof damage instead of roof replacement coverage. While actual cash value may seem attractive, homeowners can be caught without adequate resources to pay for the repair expenses, particularly if the roof age is beyond 15 years. You may need to choose between paying only the deductibles and the combined amount of deductibles and depreciation value if you ever live in an area where roof damage caused by weather elements is prevalent. The cost difference could potentially reach thousands of dollars, depending on the roof’s present condition and age.

The insurance firm will pay for the actual cash value of your roof at the time of the covered damage. To determine the amount you can be reimbursed, the computation will include the actual cash value minus the number of your deductibles and your roof’s depreciation cost according to age. Therefore, the older the roof you have, the higher the depreciated value stipulated under your contract.

Insurance valuation is difficult to understand if you’re not an expert in this field and fail to analyze your home insurance policy’s content. The amount you can receive significantly varies depending on your actual needs and the condition of your roof. You don’t need to go alone as TCI Manhattan Roofing Repair Services NYC can help you make good decisions that can lower your repair expenses while completely coordinating the work with your insurance agent.