Over the years, we’ve found that a lot of people don’t really know what their insurance policy covers when it comes to their roof. Unfortunately, that could be a financial land mine.
Before you renew your property insurance for the year, we recommend reviewing your policy to fully understand the coverage. Below, we’ve listed a few very important things that you need to know about your insurance policy.
Know your deductible for a new roof
The deductible is the out-of-pocket expense you will pay before insurance starts paying out on your roof claim. If you don’t know what your deductible is and your roof is damaged, you may be left scrambling for cash during a time when you’ll have enough anxiety as it is. When you review your policy, note your deductible and work toward having the funds to pay it.
Know what insurance pays on a roof claim
We often encounter homeowners who are surprised at how much or how little their insurance company will pay out on a roof claim. If you find out that insurance doesn’t cover nearly as much as you thought, you’ll have to come up with more money. The amount that insurance pays may vary depending on factors like the age of the roof. Many policies offer recoverable depreciation, while others do not. These aren’t things that you’ll want to come as a surprise.
Know what exclusions apply
In some cases, a policy might cover repairs to a roof from storms but not cover repairs for damage that was a result of improper maintenance. In other cases, a policy might not even cover a full roof replacement. Again, these are not caveats that you want coming to you as a surprise while you’re having a roof emergency. Be sure to check for exclusions in your insurance policy that apply to your roof.
Understanding your insurance policy will result in a lot less stress if you need to replace your roof. If you’d like more information about roof replacement or maintenance, give us a call.