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Roofing insurance claims can be complicated. That’s why it’s so important to have the right homeowners coverage for your roof.
Replacing a roof is one of the most expensive home projects a homeowner will encounter. According to Home Advisor, the 2020 national average a homeowner will spend on installing a new roof is more than $8,000.
While you can save up over months or years to replace an old roof, sudden damage from something like a windstorm doesn’t give you that option. Don’t wait until you need to submit a claim to understand what your policy can – and can’t – pay to replace. Keep reading for general answers to a few common questions. As always, your local Erie Insurance agent can give you more specific information (including a free quote customized just for your home).
Short answer: It depends on your policy — but some offer more coverage than others.
Longer answer: Buying insurance is all about your comfort level with risk. A cheaper policy means you might pay a little less right now, but you could be stuck paying more out of pocket later if you need to file a claim.
With homeowners insurance, there are different ways you can choose to be compensated when you experience a sudden loss that’s covered by your policy. That is known as your “loss settlement option.” Simply put, it’s how your insurance company assesses the cost to rebuild, repair or replace your stuff.
At ERIE, coverage for your roof is factored into the cost to insure your dwelling. Loss settlement options for your dwelling may vary by state, so talk to your ERIE agent to better understand your options.
Common loss settlement options for your roof include:
Other loss settlement options, such as extended replacement cost and guaranteed replacement cost, are also available (and good to have) with your homeowners policy. These are designed to give you an extra cushion if you experience a total loss of your home. Generally speaking, they’re less likely to kick in if you experience a covered loss of only roof damage.
Not sure which loss settlement option you have? You can find your dwelling amount and policy limits on your declarations page. (If you’re an ERIE customer, that’s easy to find in your Online Account.)
So, when it comes to insuring a big investment like your roof – you can see how your loss settlement option can make a big difference in how you can be reimbursed after a loss.
Remember that homeowners insurance is designed to cover the cost of sudden and unexpected damage. Generally, your policy doesn’t cover damage from delayed maintenance or routine wear and tear to an old roof.
If your roof is worn or in poor condition, having a roof covered on an ACV basis could become a big financial burden if you have to file a claim.
For example, let’s say your roof has seen better days. Then, bam! Lightning strikes and your neighbor’s tree falls on your roof. What happens next?
One way to make a replacement cost policy more affordable is to increase your deductible. Your deductible is the amount you pay out of pocket after a claim and before your insurance company pays its part.
Ask your insurance agent to show you the cost difference with different deductibles so you can decide which dollar amount is best for your budget.
Each insurance company covers roof damage differently. It pays to understand how your policy works so you don’t run into any surprises after you have to file a claim.
Here are a few factors – known as “provisions” – to look for:
Uncertainty is part of life – but that’s why you have insurance. If you think your roof is damaged and you’re considering filing a claim, here’s what to do:
If you are unsure what your home insurance can cover – and what it can’t – ask your agent. Or you can request a homeowners insurance quote from a local ERIE agent near you.
Then relax and enjoy more of what makes you and your family happy knowing that your home, the investments you made in your home, and the things you value most are protected.
Haven’t heard of us? Erie Insurance started with humble beginnings in 1925 with a mission to emphasize customer service above all else. Though we’ve grown to reach the Fortune 500 list, we still haven’t lost the human touch.
Contact Kartsonas Agency, Inc. today to experience the ERIE difference for yourself.