Protect Your Roof
Roof insurance is necessary to protect your roof to avoid any financial difficulty that comes with roof repairs.
A roof can be damaged by wind, hail, and other natural disasters. Without insurance, these damages could cost you thousands of dollars to fix. Paying out of pocket is never optimal because it can cause massive budget problems. When money is tight, saving up for an emergency through roofing insurance is the best — especially if you need to pay only 3-5 months to get started.
What are the Common Qualifying Conditions for Roof Insurance?
Many homeowners insurance policies require that you have the following for the insured property to be covered. Take note that this is for general insurance.
- The house is built on a solid, level foundation and stands securely on the ground
- The house has been inspected for structural stability
- The house has been inspected for compliance with local building codes
- All wiring, plumbing, heating, and electrical systems are in good working order
- The roof is in good condition and has at least five years of life left
On the other hand, roof material insurance is a type of coverage that protects your home from damage caused by:
- The weight of snow and ice on the roof
- Wind and hail damage to the roof
- Damage from falling objects such as trees or heavy branches.
- Accidental fire damages
Both homeowner and roof material insurance policies grant you specific benefits that can help remove any dents on your budget. However, roof material policies lean much more on restoring and repairing your roof to its full capacity without having to pay anything out of pocket. Most home insurance policies pay you benefits for fire, earthquake, and storm or water damages, but it may include only a small amount of roofing material compensation.
Actual Cash Value (ACV)
Insurers often pay roof material according to actual cash value (ACV).
Replacement cost value, also known as actual cash value, is the amount of money it would take to replace your property with equivalent assets. It is the cost required to rebuild or replace the damaged or destroyed property and differs from market value because it does not account for the potential appreciation in value.
Replacement cost value is a loss estimate that takes into account both depreciation and the cost of materials. A homeowner’s policy typically provides replacement cost coverage, which is a larger amount of money than the value of the property.
How Can I Find The Perfect Roof Material Insurance Policy?
Determine your needs
A roof material insurance policy covers the costs of replacement or repair of any materials used on your roof in dire situations. As a rule of thumb, the higher-premium situations are situations that have a high likelihood of happening in your area, so going for wind damage roofing insurance in a windy area requires higher regular payments.
Compare policies against each other
To compare insurance policies, you will need to evaluate the cost, the coverage, and the company’s reputation. The cost of an insurance policy is less expensive if it has a shorter duration or lower deductible. Coverage for an insurance policy can be increased by adding on other coverages such as roof structure protection, hail damage, or property restoration.
Assess the cost of each policy
The various factors that should be assessed when considering the cost of insurance policies include:
- The type of the roof
- The installation team who did the work.
- The type of coverage applied for
- The geographical area the roof is situated
You can always count on us at Paramount Roofing and Consulting to provide you with excellent claims services. Contact us today at 404-309-8035 to learn more about what we can do.