New Roof- Don't forget to have the Insurance Company reset the age after install

[Romer]

I had Hail damage and just had my roof replaced. I was disappointed that depreciation included labor as well as material and had to pay more out of pocket. The other option on your policy is to cover replacement costs.

The good news is after it was installed and inspected I called the Insurance company and had them reset the age of my roof from 18 years to new.

My Policy is $4100 for a full year in Colorado. With 7 (out of 12) months left before renewal, I received $849 back due to a new roof. They really increase the price as your roof ages. I am expecting a rate increase next year due to the claim, but will take the credit.

So on the depreciation type roof replacement, the roof is covered for replacement costs the first 10 years here and then depreciated.

I wonder how many people don't call to have them reset the age of their roof after it is done.

 

[street]

I bet not many. I just changed Insurance Company and have all new data on record. I saved about a 1000$ with the change. One difference from an apple-to-apple policies is I insured at 80% of the 100% cost of replacement and saved me some. That 80% is still enough to get me a nice home in my area if a fire took my home. Still kept the 100% insurance of personal property.

Looks like a beautiful home you have there.

 

[Romer]

Thank you

I bought it during the real estate bust in 2008. I saw it go on the market and I told my wife one day I want a house like that. Over a few months I watched the price drop a lot so we went to look and bought it. It is in the south Metro area. Its in a 100 home neighborhood with 1 acre lots. My daughter was a senior in high school at the time and she complained I moved her 2 miles away (old home) from her friend's. She was irritated and said "You better die in this house" That is the plan

 

[Car-Guy]

I wonder how many people don't call to have them reset the age of their roof after it is done.

I had a new roof put on last year and I called as soon as it was done. Even got an updated policy a few weeks later clearly showing I was covered for a new roof.

 

[jazz4cash]

I did not have a clue about this. In MD they did not depreciate the claim for a 20 yr old hail damaged roof. I could not see damage and had no leaks. I was surprised that they did not depreciate the claim but it makes sense to me now. Many homeowners would be unable to pay for the repair otherwise. The premium crept up for a few years and then jumped 90% this year. We switched insurers. When shopping some asked about the age of the roof but not all.

 

[statsman]

We had the roof replaced in July 2021 because of the hail storm that came through our area of Central Texas in April 2021 (on top of the "Storm of the Century" in February 2021). We went through our insurance company to get the roof replaced. Since it was barely two years old (new house build in 2019), there was no depreciation on the claim (there was a very small amount, but they waived it).

Fast forward to early this year when the insurance company sent a form in the mail requesting we confirm the state and age of the house. They had the roof as having been installed in 2019 when the house was first built. I provided an update on that form to indicate a new roof as of July 2021.

A month later, we get a notice from the insurance company indicating we needed to provide proof that the roof was replaced (receipt, company performing the work, post-work inspection). Really?! Uh, didn't they see the roof replacement claim they approved and confirmed as having been performed barely 18 months prior? Apparently not.

I kindly pointed them to the claim #, and a day or two later they contacted me and thanked me for the information. As was good. But that didn't end the story. Upon our homeowner's policy renewal a couple of months later, there was a reduction in our yearly premium. In addition, there was a credit on the invoice I didn't understand at first.

Come to find out we were being credited for a portion of the previous premium period because of the roof replacement. While grateful to have seen a lower rate this year and an unexpected credit, it was rather cryptic how this happened.

 

[Out of Steam]

I don't know how old the roof on our house is, except that the same roof we have now appears new in the Google Street View from 2012. We moved in in 2019.

Substantial renovations were done on the house between 2010 and 2012, so would use the 2012 date if asked.

 

[Ronstar]

Wow - Thanks for the tip!

 

[badatmath]

Worth a try but I think when my friend called some years back they told him they didn't care. But tile roofs are not really the same as a full tear out either I assume.

If you think about it is is lucky they don't proactively nag you to get a new roof or water heater or whatever. Maybe they just make us all pay for it unknowingly?

 

[Luvtoride]

Very timely tip, indeed. We are having our roof replaced tomorrow. I will be sure to call my agent on Monday.

 

[Luvtoride]

Completed the roof in one day and just in time! Tropical storm Ophelia expected to dump several inches of rain on the NJ area this weekend! Fingers crossed [emoji1696]

 

[jazz4cash]

If you think about it is is lucky they don't proactively nag you to get a new roof or water heater or whatever. Maybe they just make us all pay for it unknowingly?

I expect with costs rising so quickly something like that could be in our future. Heck, we switched insurers in May and had to have a home inspection for the first time ever. It makes a lot of sense if you think about it. Inspector took pics of every room and exterior. She kept mumbling “no hazards”.

 

[badatmath]

I think mine took pics of the outside of my house when I got this insurance but not inside. It has been several years ago and they didn't knock or anything.

 

[frayne]

Yes, thanks for the tip. I'm having a new roof installed the beginning of October.

 

[PatrickA5]

When I was shopping insurance a couple of years ago, it was pointed out by my State Farm agent that my 22-year-old roof has full replacement insurance (less a hefty deductible). Any company I was comparing to would have depreciated replacement.

Still waiting on that hail storm that seems to have hit all of the roofs around me.