A roof is one of the most important parts of the home, protecting your family and belongings from the elements. Regardless of whether you’re looking at corrugated metal roofing or standing seam panels, metal roofing is a great option for homeowners looking to save money on their insurance.
Learn everything you wanted to know about homeowners’ insurance and your metal roof, including how to determine the amount by which your insurance policy will change, and what you should do if your roof is damaged in a storm.
Is Homeowners Insurance Cheaper with a Metal Roof?
In most cases, a metal roof can lower your insurance rate. A roof is often one of the most expensive parts of the home, and metal’s combination of durability and longevity make it desirable to many insurance companies.
That said, the impact will vary depending on the kind of metal roof you get. Tin roofs, for instance, are the most difficult sell to insurance companies. Standing seam metal panels, on the other hand, require little maintenance, while also lasting a long time.
If you have any questions about the roof you’d like to purchase, we recommend speaking to a roofing manufacturer with experience. They’ll be able to tell you how sturdy various roofing types are, as well as how long they’re supposed to last. This is the kind of information insurance companies study closely when deciding how much a policy should cost.
Is Homeowners Insurance Based on Property Value?
The amount of money that your homeowner’s insurance policy compensates you for is based on how much the home costs to rebuild, as opposed to its market value. This means that, although a metal roof can increase the property value of a home, this increase will not be reflected in your policy.
Can I Buy a Homeowner’s Insurance Policy for My Roof?
Insurance companies are usually happy to provide coverage for metal roofs because of how sturdy they are. Your rates of acceptance will be much higher than if you’d chosen to get a wood roof, for instance.
That said, the material isn’t the only factor they use to determine whether you’re eligible for coverage. When looking at your roof, they’ll also consider:
- How old it is
- Its current condition
- How it’s shaped
What Damages Do Home Insurance Companies Cover?
Most homeowners’ insurance policies cover damage caused by unforeseen events. This often includes structural damage caused by:
- Fallen Trees
While insurance policies vary, these are less likely to be covered:
- Regular Maintenance – Maintenance is a regular, expected expense. Most policies therefore don’t cover it.
- Damages Caused by Neglect – Because most policies expect you to provide any necessary maintenance for a roof, they won’t pay for repairs caused by neglect.
- Cosmetic Damage – If the damage isn’t structural, it may not be covered by your insurance company. This is most likely to come up in the event of hail or wind damage.
Understanding Your Insurance Policy
There are eight broad categories of homeowners insurance: HO-1 through HO-8. They’re divided based on both the kinds of properties they cover, as well as how much coverage they provide.
Because there are many different homes insurance plans available on the market today, it’s useful to check with your company to understand the specifics of your plan. This helps you understand the impact of getting a new roof, while also allowing you to understand the kinds of protection you can expect.
What Should You Do If Your Metal Roof Gets Damaged?
If your metal roof gets damaged, you should reach out to your insurance company as soon as possible. The longer you wait, the more wiggle room an insurance company has to question whether the damage was caused during the disaster or by poor maintenance.
If the company denies your claim or gives a level of compensation you’re dissatisfied with, you can negotiate. Many people do this by either:
- Sending a letter to the company explaining why their current offer is insufficient.
- Reaching out to a public adjuster, who can represent you during negotiations.
While some people just accept the decision their insurance company hands down, it’s important to remember that they may not have all the information they need to make an informed decision. During negotiations, you can present evidence that makes it clear how much compensation you need.
Looking for Corrugated Metal Roofing?
You’ve come to the right place! We have more than 40 years of experience helping our clients get the metal decks they need. Over this time, we’ve developed a level of expertise that has allowed us to become Miami’s leading supplier.
Have any questions about what we can do for you? Looking to get a quote on your project? Please don’t hesitate to reach out to us today.