It’s possible with the recent storms that you have new damage on your roof. That’s just one reason you may want to consider getting a roof replacement. KPRC 2 Investigator Amy Davis explains, waiting may mean to have to pay a lot more when it does come time for a new roof.
How old is your roof?
Here’s a heads up. If your roof is 12 to 15 years-old, and you have replacement cost coverage on your homeowner’s insurance policy, now is the time to file a claim for a new roof.
As soon your roof is 15 years old most insurance companies won’t give you full replacement cost coverage because they know you’re getting really close to needing a new one.
They will only give you what’s called ‘actual cash value’ coverage.
What is ‘actual cash value’ for a roof?
Here’s the difference.
With replacement cost if your roof was damaged from the recent high winds we got. You would file a claim, pay your deductible and your insurance company would pay for the full cost of replacing your roof.
But with actual cash value coverage the insurance carrier will only pay you what they say your 13, 14 or 15-year-old roof is worth right now, factoring in depreciation from wear and tear.
That can leave you paying your deductible plus thousands of dollars more for a new roof. So, you want to get your new roof while your insurance is still paying your replacement cost.
“This particular storm had very high winds so even if you think ‘there’s no water leaking from my roof. My roof is fine,’ it’s a good idea to get a professional and let them come and check out the roof and tell you if you’ve sustained any storm damage.
If you do, you want to file a claim around this time because you don’t want to wait too long and then learn it’s no longer covered.
Steps to take if you think you need a new roof on your home
Here are your action steps.
1. See what kind of coverage you have
Find your insurance policy and look at the declarations page. This will tell you if you have actual cash value or replacement cost coverage.
2. Decide if you want to file a claim
If it says you have replacement cost coverage file a claim with your insurance company online or by phone and make sure you say or write you are filing the claim because of ‘wind, hail and tornado’ activity.
It may take a while for the company to send an adjustor to your home because there is so much damage in our area.
3. Call the roofing company first
You can call a roofing company *before* you file your claim. Most roofing companies will help you with it because they want to get the job.
But make sure you’ve already checked out the business and know that is the company you want to roof your home.
When you sign the paper authorizing them to speak with your insurance company about the claim the fine print almost always says you are promising to use them if the insurance company approves the claim.
