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Will A New Roof Lower My Insurance Premiums?

By Teri Dormer

19
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Ask any homeowner who’s ever had to deal with a leaky roof or missing shingles after a major storm – the cost of repairing or replacing your roof can be steep, and the damage isn’t always guaranteed to be covered by your homeowners insurance policy. 

Still, if your roof has seen better days and you’re contemplating the value of a roof compared to the average roof replacement cost, you might be interested to know that it pays to upgrade from time to time.

Depending on how old your roof is, which materials it’s made from, and even how it was installed, you may qualify for a discount on your homeowners insurance premiums. Let’s take a look at the details. 
 
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Age of Roof and Insurance Discounts 

In the world of homeowner upkeep and repairs, nothing lasts forever. The cost of replacing your roof entirely may seem extreme at first glance, but almost no aspect of your home’s structure is more exposed to damage from the elements or more important in keeping you safe and protected. 

On average, here’s how long you can expect your roof to last barring any unforeseen natural disasters:

  • Asphalt shingles: 25 to 30 years. 
  • Concrete tiles: 35 to 50 years. 
  • Metal roofs: 30 to 45 years. 
  • Rubber (EPDM) roof: 30 to 40 years. 

Of course, while some roofing materials may have a longer lifespan, they may also cost more money to replace or repair if damaged.

Your insurance provider may offer discounts based on the age of your roof and the upgrades you’ve applied to it (including storm-resistant materials). 

The discounts you qualify for will vary depending on where you live and your premium details, but typical policies offer between 5 percent and 35 percent for roof upgrades.  

New Roof Insurance Discounts 

Don’t be surprised if the estimates for a new roof cost between $6,000 and $10,000 depending on the size of your home or the extent of damage that’s already been done to the existing structure. 

There’s no denying that a new roof can be an overwhelming cost for most homeowners, but it begs a simple question: will a new roof lower my insurance premiums? The short answer is yes, upgrading your roof should at least save you some money on your monthly insurance costs. 

Your insurance company will want to take the material of your new roof into consideration, in addition to proper installation before telling you how much of a discount you qualify for.

On average, insurance providers may discount your policy by 20 percent for completely replacing your roof, which could save you hundreds of dollars a year.    

Justifying Your Roof Replacement Costs 

No matter how long you’ve been living in your home, the last thing you want to worry about is needing to replace or repair your roof.

If the damages are caused by extreme weather or storms, your homeowners insurance may cover the costs, but not always. 

It may be hard to justify the average roof replacement cost, but the good news is upgrading your existing structure can help you save money on your insurance costs in the long run.

Get a Quote Compare multiple policies to get the coverage you need at the price you want.

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