Should I File a Claim for Roof Damage

If you have been a homeowner for some time, then it is likely that you were paying home insurance premiums during this time. You may then have this question in mind: “should I file a claim for roof damage?”

Home Insurance Policy

Your homeowner insurance policy covers your home structure as well as its roof against the dangers mentioned in the policy. So if you file a claim for ice or snow damage, hail, wind or fire damage, it is likely that your insurance policy will pay you to cover the financial cost of these incidents. You can also gain money from your insurance policy to pay for damages, such as small leaks, if you can show that it was the result of covered risks.

But if it is found that roof damage was the consequence of a lack of maintenance, then your insurance company may not pay you for the damaged roof. Usually, there is limited coverage for roofs older than years. Older roofs are normally covered at their actual cash value, that is, the amount that you may get for older roofs may be equal to the actual cost of building the roof minus the depreciation over the years.

Deductible

If your roof sustained hail or wind damage, then you may incur a deductible for these. You should go through your insurance policy to check if hail or wind damage is covered with a deductible or excluded altogether. Check the amount of the deductible to determine if you will be able to afford it in the worst-case scenario.

Keep in mind that most insurance policies cover hail and wind damage, insurance premiums may be higher in certain states like Oklahoma and Kansas due to heightened risk of heavy winds and hail storms. Hail and wind are often the most common factors behind roof damage in most cases.

You may also have to pay a deductible if you choose to file a claim for hail or wind damage. That is, you may have to pay a certain amount known as the deductible in case of such adverse events.

The deductible may be higher in areas where hail storms and strong winds are common.

Deductibles may be in the form of fixed amounts like $500 or $1,000. But it is also quite common to find deductibles as a percentage of the home dwelling coverage limit. For instance, if you insured your property for $300,000 and the deductible percentage is set at 1%, then you will have to pay $3,000 for hail or wind damage. After you pay this deductible out of your own pocket, your insurance company will then extend benefits that you are entitled to from the policy.

The deductible may range anywhere between one and ten percent of the insured value of your home.