A quality roof is necessary, although you may be interested to know that the type of roof you have may affect your home insurance rates if you live in Canada.
When determining your home insurance rate, the insurance company will consider the type of roof you have, its age and the condition it’s in. They will also consider the material your roof is made of, as this will make a difference in terms of how fast it will degrade and when it will no longer be able to protect your home.
How Your Roof Affects Home Insurance Rates
If your roof is new, you may qualify for a discount as there is less risk of leaks or damage to your home. This will result in lower insurance rates, so if you’re wondering whether or not the installation of a new roof is worth it, the answer is yes. The older your roof, the higher your rate will be, as the risk of damage is far greater. If your roof is very older, some insurance companies may even refuse to provide coverage until you complete the necessary repairs.
The roof material will also impact your rate because insurance companies will consider durability and strength. Metal roofs, for example, are durable and fire-resistant, so this would likely lower your insurance rate, as would slate and tile, which provides good insulation and is also fairly fire-resistant.
The shape of your roof will also be factored into your rate, and a gable roof can be vulnerable to weather and winds, while a hip roof has four sides and is, therefore, more resistant, which can lower your home insurance rate. Flat roofs pose higher risks of water and weather damage, so discounts would not apply in these situations.
Generally speaking, if there is damage to your roof, this should be covered by homeowners insurance, although this will depend on the type of policy you have and the severity of the damage. If the damage was caused by a covered peril, you should be covered, but if the damage was caused as a result of neglect, lack of maintenance or wear and tear, coverage would not apply.
Regardless of the material used, newer roofs will almost always result in greater discounts or savings on home insurance. Still, it’s best to discuss this matter with a professional insurance representative as they can recommend the materials and styles of roofs that will result in the most savings. Conducting regular checkups is also very important as this will allow you to monitor the condition of your roof, which can help mitigate costs and prevent insurance rate increases.
Here at Leibel Insurance, we will discuss your roof’s details and always provide you with fair rates. We genuinely care about our clients and will ensure your policy suits your specific needs. We specialize in home insurance and have years of experience in this field, so contact one of our brokers today to discuss the coverage that would be best for your home!