Wind/Hail Deductible

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In the event of wind or hail damage to your roof, your wind/hail deductible will determine how much money you will pay out of your pocket first before the insurance company pays you to fix the damages. Be aware, you may have to pay more money than just your deductible, depending on what you are covered for on your home insurance policy. Some companies, sending you mail saying they can save you lots of money on your home insurance policy, don't mention the wind/hail deductible. Some companies will offer 1% or 2% wind/hail deductible. That means they will take 1% or 2% of your dwelling (coverage A) amount. Say your dwelling (coverage A) amount is $300,000 and you have a 1% wind/hail deductible. If a wind or hail storm comes through and there is a total loss on your roof, you will first pay your deductible of $3,000, calculated as $300,000 x 1% = $3,000, and then the insurance company will come in a pay some/the rest, depending on your other coverages. See the difference between just having $1,000 vs 1% wind/hail deductible? Sure, it may cost you more in annual premium, but at time of a claim you won't have to pay as much out of your pocket.

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Year Roof Last Replaced

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The year your roof was last replaced is a big factor in your home insurance premium because the newer your roof means there is a less likely chance your roof will suffer wind or hail damage during a storm. The life of a roof is typically 20-25 years, so at that point you may consider replacing the roof yourself.

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Replacement Cost vs Actual Cash Value

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Make sure you have the replacement cost endorsement on for your roof. As mentioned at the beginning, roofs are expensive ranging from $10,000 - $20,000. The replacement cost endorsement means you will be able to get a new roof for your old/existing one. For example, let's say you have a $1,000 wind/hail deductible and a 10 year old roof (20 year life - 50% depreciated) that costs $15,000 to replace. Say a hail storm comes through and damages your whole roof and you need to replace the whole thing. If you have the replacement cost endorsement on for your roof, you'll be out your $1,000 deductible and the company would pay the remaining $14,000. If you do NOT have the replacement cost endorsement on for your roof, then in this scenario, you would be out your $1,000 deductible, the company would pay $7,500 since the roof is 50% depreciated, and then you would be out the remaining $6,500 to get a new roof. That's ALOT of money.

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Talk with your insurance agent to make sure your roof is properly insured on your home insurance policy. It may cost you an additional $100-$200 per year, but it is money well spent. 

 

UNDERSTAND WHAT YOU ARE BUYING!!! 

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We at Weaver & Sokol Insurance Agency pride ourselves on making sure we go over the policy language especially on a home insurance policy, as that is a big investment you are making, and you want to make sure you know how your insurance is going to protect you in case something bad happens.

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CALL US or REQUEST A QUOTE to make sure your roof gets properly insured on your home insurance policy.