When it comes to insurance, insurers always want to calculate the risk your home poses. Knowing the likelihood of eventually having to pay out helps them to continue operating profitably.
Part of their assessment usually includes evaluating your roof quality. If they think it is poor, they will increase your premiums to reflect the higher risk of leaks, damage, and other related issues. They know an old roof is much more likely to result in a claim than a newer one.
For this reason, many people choose a new roof for their home. The aim is to lower insurance and keep more money for everything else.
This guide provides more information on how new roofs can lower your home insurance costs, looking at why metal roofing is a smart choice for insurance savings and the various factors that could influence premium discounts. By the end, you should have a better understanding of why metal roofs are a smart choice for people living in storm-prone regions, like Florida.
How A New Roof Lowers Your Home Insurance Costs
New roofs lower your home insurance costs by reassuring insurers that your dwelling has proper weather resistance. High-quality installations reduce the risk of dampness, storm damage, and foundation problems (due to lack of coverage), which can be costly to repair.
Insurance companies consider various factors when judging the insurance premium to apply to your home. Generally, the higher the quality, the lower the premium will be.
For example, they may consider:
- The materials you use and how these affect the damage risks your home faces
- The quality of the roofing materials (i.e. metal versus wood shakes)
- How long the materials are likely to last
Modern roofing materials are okay but some can still degrade substantially over time. For example, asphalt shingles can lose some of their bituminous content, causing them to dry out. When this happens, they lose their suppleness and eventually, they begin to break down and disintegrate.
The same applies to other materials, like synthetic TPO flat roof coverings. Again, these crude oil-derived products break down in the presence of the sun’s UV (and other weathering processes), reducing their lifespan unless treated with high-potency coatings.
Ultimately, these defects and issues mean insurers are more likely to charge you higher premiums. Homes with sub-standard roofing solutions can expect to pay more.
Why Metal Roofing Is A Smart Choice For Reducing Insurance Premiums
Because of these issues, we often recommend metal roofing solutions to homeowners. Insurance companies consider these a safer bet because of their strength and durability. They are less prone to weather damage and can withstand fallen trees (unlike almost any other roofing products on the market).
Metal roofs will last between 40 and 70 years with proper care. Furthermore, they have near-perfect resistance to extreme weather conditions, reducing maintenance requirements substantially. Fire damage is also often minimal. Most house fires don’t burn hot enough to affect the structural integrity of the metal, meaning it can survive (and be reinstalled).
Insurers will also sometimes consider the knock-on benefits of metal roof installation, like their improved ability to protect homes from the elements. Again, these could lower insurance premiums indirectly by protecting masonry, foundations, and attic spaces.
What Influencers New Roof Insurance Discounts?
Insurers love homes with new roofs and are often willing to quote discounts over conventional home insurance premiums. But which factors contribute most to lower prices?
- Material quality. Insurance companies will consider the roof’s material quality before deciding whether to offer a discount. As mentioned, metal roofs offer among the lowest risks, allowing insurers to quote lower prices.
- Professional installation. Insurance companies also want to see evidence of professional installation. Ideally, they like roofs installed by known and licensed roofers, not unlicensed laborers or contractors. Because of this, always go to professionals, like RPS Metal Roofing for installations. Don’t use cowboy traders.
- Compliance with building codes. Finally, insurers often want to see that a roof complies with building codes. This feature usually indicates it is made to high standards and has elements that reduce the risk of damage or failure. Roofs that don’t meet regulations often have loose fittings or other issues that make them less weather-resistant and waterproof.
Insurers will still insure substandard roofing. However, the premiums will be higher – perhaps by 30 to 40%. Therefore, homeowners need to be careful. Low-quality roofing can become a long-term drain on household finances and leave you unnecessarily worse off.
Other Cost Savings Of A New Roof
New roofs also offer additional cost savings, including:
- Lower repair costs. New roofs don’t require the same upkeep and maintenance as older versions. Many will last for decades without any interventions by you or other professionals. Metal roofs, in particular, are well-known for being ultra-durable and offering a low-maintenance experience.
- Energy savings. New roofs can also help you save money on your energy bills. Professional installers can include insulation and other features that maintain warmth in your home during the winter, allowing you to turn down the thermostat and use less electricity, gas, or firewood for the same amount of heating.
- Higher home value. Lastly, new roofs can increase your property’s value. Fresh installations give buyers confidence, making them willing to spend more. These roofing solutions can increase curb appeal, adding a premium to your home.
Why Getting A New Roof Is Usually Worth It
Despite these benefits, many homeowners are reluctant to get a new roof for their home. They view it as a large expense. However, in our experience, taking the plunge is usually worth it. While new installations cost money, they provide numerous benefits, including psychological ones.
For example, metal roofs protect you against extreme weather, ideal if you live in a part of the country like Florida prone to storms. Solid installations are a strong defense against hail, high winds, hurricanes, heavy rain, and even tornadoes with reinforcement.
This strength and durability gives you peace of mind. Even if a storm is coming, you know you have the best defense possible and your roofing can withstand the harshest conditions. (For extra peace of mind, you can talk to us about how we install metal roofing to resist storm damage, including how we fasten it to your home and the types of metal we use to resist bad weather). Ultimately, you go away knowing that your home is safe and that you won’t need to call your insurer.
High-quality installation also reduces roof-related stress overall, something that affects a surprisingly large number of homeowners. With proper metal roofing installations, you don’t need to worry so much about leaks or collapses, again giving you peace of mind.
For us, these psychological benefits are real. Many homeowners who work with us love the fact that they have a metal roof, which means they can finally stop worrying. Metal protects their property and helps them lower their insurance premiums to more reasonable levels.
Now You Know How A New Roof Can Lower The Cost Of Insurance
Hopefully, you should now know why and how a new roof can lower the cost of home insurance. Quality installations provide surety to insurers, encouraging them to perceive your property as low risk.
However, not all new roofs are the same. Metal roofs have distinct advantages, particularly in storm-prone regions, like Florida. Well-built installations provide extra assurances to insurers that your home isn’t going to experience excessive damage or destruction during hurricane season.
Ultimately, a new metal roof gives you peace of mind. You feel better because you know that even if Mother Nature gets angry, you are in a better position to see it through and reduce damage to your property. And that’s priceless!