Your home may be your pride and joy, but maintaining it can cost a pretty penny. Case in point, it can cost an average of $7,230 to replace the roof. However, if you play your cards right, you can score a discount on your homeowner's insurance policy that could make up for some of what it cost to put a new roof on your home. Here are three ways your insurance provider may reward you for replacing your roof.
Installing a Newer Roof
The act of putting a new roof on your home may be enough to earn your a significant discount on your insurance premiums. For instance, one insurance provider will take 10 percent off your premiums if you replace your roof. Other insurance companies may provide an even greater discount. The exact amount you can shave off your premiums will depend on a number of factors.
For instance, if your roof is at the end of its lifecycle, your insurance company may reduce your premiums quite a bit when you get a new one. That's because roofs degrade over time and become more susceptible to damage, which means there's a higher risk you may file a claim against your policy. A newer roof will be better able to withstand damage from wind and other environmental elements, so the risk of a claim is reduced. Therefore, the insurance company may share some of the savings with you.
Once you get your new roof, be sure to contact your insurance provider and let the company know. The agent will recalculate your premiums to account for the discount.
Impact-Resistant Roofing Materials
Sometimes you can increase the discount you receive from your insurance company when you get a new roof by opting to use impact-resistant roofing materials. You're more likely to secure this discount if you live in areas susceptible to hail or storms that throw debris around. Again, the issue is reducing the risk of you submitting a claim. Impact-resistant materials are less likely to get damaged from falling debris, so the insurance company doesn't have to worry about you filing a claim after every storm to have your roof repaired.
Insurance companies typically have a list of brands they approve of, and the brands can vary from provider to provider. Thus, before having your new roof installed, contact your insurance company to determine what types of materials it considers impact-proof and that qualifies for the discount.
Fire-Resistant Roofing Material
Another discount you may qualify for is if the roofing material you select is fire resistant. Like with the discount for the impact-resistant materials, you're more likely to qualify for this reduction in your premiums if you live in an area that's particularly vulnerable to fires. However, many areas require homeowners to install fire-resistant/fire-proof roofing anyway, so the discount may not be a big as you expect.
Again, it's essential you connect with your insurance company to determine if there are specific materials or manufacturers that qualify and whether the discount varies depending on the type of material you use. For instance, your insurance provider may give a big discount if you get a metal roof that's naturally resistant to fire and only a small one if you get shingles with a fire-resistant coating that may wear off over time.
There may be other discounts you qualify for depending on the type of roof you get, the materials used, and any extras you opt for. You can learn a lot about these discounts by calling your insurance provider. You can also get a lot of good advice about the best type of roof to choose from your local roofing contractor. For more information or assistance, contact a contractor in your area.