Can a new roof lower my insurance in Ocean County?
A new roof can in fact lower your insurance depending on the type of material that you put on the home and the insurance company you use. Many insurance agencies also incentivize homeowners to install impact resistant shingles and will either lower the roof replacement cost or your monthly payments. Installing a new roof on the home will allow the property to be placed in the low risk category which in turn reduces payments and deductible costs in general.
Insurance companies have always classified homes into various risk categories, a high risk home will usually have higher monthly payments or higher deductibles compared to a low risk home. Since the insurance company is less likely to receive a damage claim from a low risk property they tend to give discounts to those within the low risk category. Installing a new roof on the home will help place you inside this group and potentially lower the cost of your policy. There are circumstances however with each insurance provider so it is always a good idea to check with your agent. The next portion of this article will go into the details of why insurance companies classify risks with homes and what a new roof will mean in potential savings.
Before an insurance agency will insure a home they take into consideration many things such as the age of the home, roof condition, location of the residence etc and climate. If the home they are going to insure is somewhat falling apart then you can bet the insurance policies will cost the homeowner more since there is a high probability they will file damage claims sooner rather than later. If the roof on your home is over 25 years old, missing shingles or likely to need repaired within the next year then the insurance will most likely categorize the property as being “high risk”. A high risk property is a home or property that insurance companies have to worry about. Like mentioned earlier, if your home is in a high risk category and you install a new roof you may get bumped out of the category and into a lower one which will save you money.
If you want to use your insurance to replace the roof due to a storm or some kind of damage then you would file a damage claim. Having the insurance pay for a new roof will not lower the cost of insurance even though it does classify your home as being low risk. If the insurance provider covers part of the roof replacement then that would be your “discount” or lowered insurance payments. There may be other situations where getting a new roof may not lower your insurance costs, it is always recommended to contact your insurance agent to talk about potential savings and policy details.
Like mentioned before, many insurance companies over rewards or incentives if you install a certain type of roofing material. If you live in Florida for example you may get a large discount on wind resistant shingles since there are so many tropical storms in the state. While in Alaska you may be incentivized to install a metal roof due to the durability in cold temperatures. Each insurance company will offer different incentives so be sure to look into your policy before purchasing a roof.
If you want to learn more about what our roofers near Freehold, NJ can do for you then be sure to give us a call today. Our roofing contractors in Ocean County provide professional roofing services and work with all major insurance companies to insure you get the best roof possible over your home. Because we are a local company we guarantee our work and are very easy to work with during the roof installation and insurance claim process.
Insurance companies have always classified homes into various risk categories, a high risk home will usually have higher monthly payments or higher deductibles compared to a low risk home. Since the insurance company is less likely to receive a damage claim from a low risk property they tend to give discounts to those within the low risk category. Installing a new roof on the home will help place you inside this group and potentially lower the cost of your policy. There are circumstances however with each insurance provider so it is always a good idea to check with your agent. The next portion of this article will go into the details of why insurance companies classify risks with homes and what a new roof will mean in potential savings.
Before an insurance agency will insure a home they take into consideration many things such as the age of the home, roof condition, location of the residence etc and climate. If the home they are going to insure is somewhat falling apart then you can bet the insurance policies will cost the homeowner more since there is a high probability they will file damage claims sooner rather than later. If the roof on your home is over 25 years old, missing shingles or likely to need repaired within the next year then the insurance will most likely categorize the property as being “high risk”. A high risk property is a home or property that insurance companies have to worry about. Like mentioned earlier, if your home is in a high risk category and you install a new roof you may get bumped out of the category and into a lower one which will save you money.
If you want to use your insurance to replace the roof due to a storm or some kind of damage then you would file a damage claim. Having the insurance pay for a new roof will not lower the cost of insurance even though it does classify your home as being low risk. If the insurance provider covers part of the roof replacement then that would be your “discount” or lowered insurance payments. There may be other situations where getting a new roof may not lower your insurance costs, it is always recommended to contact your insurance agent to talk about potential savings and policy details.
Like mentioned before, many insurance companies over rewards or incentives if you install a certain type of roofing material. If you live in Florida for example you may get a large discount on wind resistant shingles since there are so many tropical storms in the state. While in Alaska you may be incentivized to install a metal roof due to the durability in cold temperatures. Each insurance company will offer different incentives so be sure to look into your policy before purchasing a roof.
If you want to learn more about what our roofers near Freehold, NJ can do for you then be sure to give us a call today. Our roofing contractors in Ocean County provide professional roofing services and work with all major insurance companies to insure you get the best roof possible over your home. Because we are a local company we guarantee our work and are very easy to work with during the roof installation and insurance claim process.