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How Your Roof Impacts Home Insurance Rates

How Your Roof Impacts Home Insurance Rates

Did you know that getting a new roof could lower your home insurance premiums by up to 35%? The older your roof is, the higher your insurance premiums will be. We want to help you choose the best roof for your overall needs and hopefully lower your home insurance rates. Check out this guide to learn how your roofing impacts homeowner’s insurance.

How Insurance Companies Use Roofing to Calculate Rates

When you get a new home insurance policy, the company is going to ask about the age of your roofing and what materials it’s made from. A newly-installed roof will likely yield a lower insurance premium than an older roof of the same quality. Many insurance companies will not insure roofs that are over 20 years old.

Your insurance company will also take into account what shape your roof is. Some roof styles are more susceptible to damage than others, regardless of how new they may be. Your insurance company will gather this information and assess the overall condition of your roof to determine what your policy premiums may be.

What Makes a Roof Insurable?

Each insurance provider has its own standards with regard to roof insurability. They will only insure a roof that they believe provides sufficient protection for the home. As we mentioned above, most insurers will not guarantee a roof that is more than 20 years old. They may also exclude roofs of certain styles or materials because of their risk level for damage. If you’re buying a home, verify that the current roof is insurable before you close or prepare to make necessary repairs.

Learn more: How Roof Damage Insurance Claims Work

Which Roof Materials Offer the Lowest Home Insurance Premiums?

Here is a look at how Progressive ranks different roofing materials for insurance quotes, sorted from lowest premiums to highest premiums:

  1. Metal Roofing
  2. Slate or Tile Roofing
  3. Asphalt Shingles (the most common roofing material in the U.S)
  4. Wood Shingles (such as cedar shake)

Note that each state sets its own premiums, so some types of roofing may be better in your area than they are in other areas. Metal and slate roofs are extremely resistant to fire damage, which is why they yield low insurance premiums. Nevertheless, the lowest rate you’re going to get is on a well-installed new roof.

Choose Roof Materials That Fit Your Overall Needs

Your insurance rates aren’t the only consideration when it comes to roofing. You need to factor in your budget, short-term goals, long-term goals, roof pitch, timeline, material accessibility, and more. If you are part of a homeowner’s association, the HOA may dictate which materials you can use. Keep all that in mind as you explore your roofing options.

McLean Roofing and Siding provides roof replacement and roof installation services. We have a convenient showroom located at 321 E Maple Rd in Troy, MI. You can explore different roofing materials and compare your options in person. If you’d like a quote for new roofing, please call (248) 524-1111 to schedule an estimate.