Does Your Homeowners Insurance Cover Your Roof for That?
Homeowners insurance can be a confusing part of the homeownership experience. Carriers and policies can vary substantially in terms of what they cover, how they cover it, and how homeowners are supposed to actually file an insurance claim. It’s no coincidence that folks often ask us, “Does my homeowners insurance cover my roof for that?”
Here at Elite Roofing & Solar, we regularly recommend that homeowners review their insurance policies. However, even if you know you’re supposed to review your policy regularly, it can be difficult to know what you’re looking for.
We sat down with Stephanie Schoenauer of Buy Colorado Insurance to ask some questions about this very topic. Stephanie has been a licensed insurance agent since 2005, and she provided some very helpful insights on how and why homeowners should review their policies.
Why Should Homeowners Review Their Policies? 
Homeowners should review their policy each year as a best practice. Two key reasons why you’ll want to do this is to understand what you’ll be paying for the next year and to compare limits, deductibles, and discounts to see if these have remained the same or changed year over year.
One common part of your policy that will change is the Dwelling Limit. This is the maximum amount that your carrier will pay for a covered loss. According to Schoenauer, “Your Dwelling Limit will most likely have increased, and that’s typical if there’s been an inflation adjustment.” As a consequence of this increase, “If you have a deductible that is a percent, it will have most likely increased, as it’s based on your Dwelling Limit.” Homeowners should verify that this deductible is still something they can afford in the event of a covered loss.
In addition, we at Elite Roofing & Solar always recommend that homeowners review their policies simply to refresh themselves on what type of damage to their roof is covered. Here in Colorado, hail is a particular concern, so you’ll want to make sure hail damage is a covered loss.
What Language Should Homeowners Look For?
Reading through your policy is no easy task. “Insurance language can be tricky,” said Shoenauer. “Something may not be clear, or may be a variation of words amongst carriers, but it may mean the same thing.”
So what should you do if you don’t understand parts of your policy? Simple: reach out to your provider! “If you come across these words and don’t know what they mean or how it pertains to your policy, your Agent/Carrier will be able to answer that for you: Actual Cash Value (ACV) / Limited or Scheduled Payment /Depreciated (these mean you are NOT getting the full Replacement Cost, but a lesser amount), Extended Replacement Cost, and Excluded are the top words to carefully review and/or inquire about.”
Can I Lose Coverage Unknowingly?
If you’re wondering, “Does my homeowners insurance still cover my roof?” the answer is almost assuredly yes—unless you’ve heard otherwise.
“Few carriers will exclude coverage on a roof,” said Schoenauer. However, this doesn’t mean your coverage can’t change in value. For example, some policies may switch to Actual Cash Value once your roof reaches a certain age—meaning if your roof is covered for a replacement, you’ll only receive the value of the roof minus depreciation.
That said, some carriers may non-renew your policy if your roof becomes a certain age. However, if this happens, your carrier must notify you at least 30 days before your renewal or expiration date.
How Can Homeowners Keep Insurance Rates Stable?
Understandably, homeowners are likely looking for ways to keep their insurance rates down as much as possible. Unfortunately, this is difficult these days.
“Keeping insurance costs stable right now is pretty difficult,” said Schoenauer. “Due to several catastrophic losses, more and costlier claims, inflation, and higher labor costs, insurance is in a hardened market. Carriers are raising rates, increasing deductibles, and changing some rules (most notably: age of roofs they will write).”
Generally speaking, homeowners should review their policy to ensure they’re budgeting effectively—and to make sure their policy and its deductible is still sensible for their needs.
Schoenauer also recommends making sure the information on your policy is correct. “You might be getting surcharged for a trampoline, pool, or wood burning stove. If you no longer have these, make sure to let your Agent know. Make sure your roof year is correct. Make sure your discounts are correct.”
Those discounts could include having a hail-resistant roof, so make sure that’s accounted for!
Call on Elite Roofing & Solar for an Annual Inspection
As you go about inspecting your insurance policy, we also recommend completing an annual roof inspection. Not only is this good for the health of your roof, but it can help ensure that your homeowners insurance does indeed cover you for roof damage—as damage stemming from poor maintenance generally won’t be covered by your policy.
A roof inspection will ensure you’re ahead of major damage and help you maintain a paper trail documenting the health of your roof throughout the year.
Ultimately, keeping your roof healthy and your home well covered all comes down to having the right experts in your corner. Thanks to Stephanie Schoenauer for sharing her insurance expertise—and if you have any roofing questions, we’re happy to answer them as well! Contact us today to get started.
