We are often told how important insurance is for protecting our health, wealth, property, and assets. Insurance is supposed to safeguard us from financial problems when disaster strikes. At least, that’s how it works in theory.
Should you have insurance as a safety net? Of course. What about homeowners coverage? Absolutely.
Can you count on your policy coverage to allow you to make repairs with quality materials? Don’t bet on it, especially when it comes to your roof.
Below, we examine why.
It’s stating the obvious to say that not all insurance plans are created equally. Benefits claims are one of the highest costs for insurance companies, and there are so many variables influencing what your coverage will pay out.
Homeowners insurance typically covers the “dwelling” portion of your home, which is the house structure and roof. In most cases, you are eligible for coverage if sudden or accidental damage is caused by events like wind, fire, hail, or snow.
But then you get into the nuances, like insurance for partial damage and insurance for matching issues and plans with inclusions and exclusions, which can cause confusion and doubt to set in.
In a twist of irony, your homeowner’s roof damage coverage may wind up being cost-prohibitive. For example, having a wood roof means paying more. Insurers like Farmers Mutual Insurance Co. of Nebraska charge an additional 25% for wood roofs.
If you have a metal roof, you may be S.O.L., as damage from hail may not be covered.
And if you’re hoping to upgrade your roof following one of the aforementioned events, you may be disappointed. Of course you could always shell out more to purchase a fortified roof endorsement for a higher quality roof, but again, are you truly getting a return on your investment?
The devil is supposed to be the details. The fine print of your policy lists what’s covered, but it can also be ambiguous about what’s not.
By and large, homeowners insurance puts the responsibility on you to maintain your home; therefore, damage caused by a lack of maintenance–wear and tear, for example–isn’t covered.
Okay, but I’m fine if my roof collapses because of a storm or heavy snow buildup, right? Wrong. Investigators can always lean on the maintenance matter, and if they determine that poor upkeep led to the incident, then you’re looking at partial coverage at best.
Also, flooding and earthquakes are not covered by homeowners, so those are completely separate plans and additional costs to you.
It’s clear that you have to do your homework when selecting a homeowners insurer, and a good place to start is this article from Forbes that ranks the top companies. A fair enough plan will allow you to work with a trusted contractor to make the necessary repairs without breaking the bank.
Len Roofing & Remodeling has years of experience providing nothing less than the highest quality craftsmanship on home renovations and Chicago roof repair and replacement, which are all backed up with a three-year warranty. For more information or to schedule a consultation, call 847-768-6000 or visit our contact page.