Homeowners insurance will cover roof replacement if the damage was from a covered peril, but you won't receive a payout if the damage occurred by something outside of your policy. You also won't receive a payout if the roof was damaged because of your own negligence.
When it comes to important parts of your home, roofs are at the very, very top, literally and figuratively. The primary purpose of a home is to protect you from the elements, and the roof is the main employee at that job.
Like any part of a home, roofs can sustain damage which keeps them from being able to successfully do their job. It can be as little as a small leak resulting in a slow drip when it’s raining out, or a giant hole caused by a tree that fell on your home.
No matter how big or small the damage, a compromised roof will need to be repaired
or replaced.
But does a homeowners insurance policy cover roof replacement? Here's what you need to know. presented by Jerry
. Will insurance cover roof replacement?
The short answer is yes, homeowners insurance usually covers roof replacement. However, you may not be covered for every type of damage.
Homeowners insurance policies cover roof replacements the same way they cover any other replacement on your home. The roof itself isn’t the determining factor in whether or not replacement is covered. The event that caused the damage is the determining factor.
Your homeowners insurance policy is based around events. If a covered event causes damage to your roof or to anything else, your insurance plan will cover the roof replacement. If a non-covered event causes damage to your roof or to anything else, you’ll have to pay for the replacement out of pocket.
When you're covered
A roof replacement will be covered by your homeowners insurance policy anytime that the damage is caused by a covered event
. Policies change from person to person and insurer to insurer, but usually this means that your homeowners insurance will cover roof replacement if the damage is due to items falling on the roof, windstorms, rainstorms, snowstorms, lighting, fires, vandalism, riots, and electrical surges.
It should be noted that this is just the standard list. Your homeowners insurance policy might exclude some of these events, or include others that aren’t on this list. Check with your policy or insurance agent to tell for sure.
When homeowners insurance won't cover roof replacement
A roof replacement will not be covered by your homeowners insurance policy anytime the damage is caused by something that isn’t a covered event. Usually that includes flooding, earthquakes, smog, and war or government damage. However, your policy might have other specific exclusions, or it might include some of these events.
It’s very important to note that your homeowners insurance will not cover roof replacement if the cause of the damage is negligence or a lack of maintenance on your behalf. If your roof is damaged simply because you didn’t take care of it, you’ll have to repair it out of pocket.
If a covered event only causes the damage because your roof was in poor shape, it still won’t be covered. Think of it this way: if you’ve allowed your roof to rot and it caves in during a storm, it won’t be covered.
It’s worth noting that if a tree or branch falls on your home and damages the roof, the same rules apply. If the tree or branch fell because of a storm or a lightning strike, you’re covered. But if a tree falls because of rot or eroding soil from overwatering, you will not be covered since the damage could have been prevented by you.
You also might not get a roof replacement if your roof still functions properly, even if there are cosmetic damages. Insurance companies try to minimize the amount of payouts they have to make, and one way they do so is by only covering actual damage to the roof's function rather than damage to its appearance.
How much does insurance pay to replace your roof?
The amount you receive from your insurance company to replace your roof will depend on your policy. You will be covered for either the actual cash value of the roof or the replacement cost value.
Actual cash value will pay you for the actual cost of the roof with depreciation factored in. So if your roof is older, you won't get as high of a payout.
Replacement cost coverage will cover the cost to replace you roof based on its original value, so depreciation isn't considered. Because of this, replacement cost coverage will give you a bigger payout.
Saved $725 annually
4.7
