How does your roof affect your insurance premiums? You probably never think about your roof, but your insurance company certainly does.
For many, home insurance may seem like just another expensive box to check to satisfy your mortgage lender.
Did you know that the average annual cost of home insurance in Colorado is $1,813? So why aren’t more homebuyers taking this protection against the unexpected more seriously?
In the last 10 years, hailstorms have caused more than $3 billion in property damage in Colorado and Wyoming, mainly to roofs. As a result, 30% of a home’s insurance cost is reserved for a new roof.
As a result of the huge losses, insurance companies are demanding more and more impact-resistant roofing materials on the market. To incentivize consumers, some insurers are offering discounts of up 25% on a homeowner’s insurance premium with impact resistant roofing.
“Insurance companies love to see their policy holders install hail-resistant roofing, “said Jackie Lanier, insurance consultant. “It saves money for the homeowner and it also keeps insurance premiums manageable – it is a win-win proposition.
As a responsible homeowner, knowing your options and doing your research can benefit you in the long-term. Don’t choose your home insurance blindly and spend some time to review resources such as this homeowners insurance article from money.com on the best companies for homeowner insurance, which also explains why they are ranked in that specific order.
How Long Have Impact Resistant Roofing Materials Given Insurance Discounts?
In 1998, Texas was the first state to make it mandatory for insurance companies to offer discounts to homeowners with hail-resistant roofing. A homeowner with the lowest resistant rated roof (Class 1) in a part of the state with the least hail would only get a 1% discount. But for a homeowner using Class 4 materials in that portion of the state that regularly gets pelted with hail at least 6 times a year, the discount was a whopping 35% annually.
While it has yet to become mandatory in other states, a number of insurers including State Farm have voluntarily decided to offer insurance discounts in other states like Colorado and Wyoming where hail and high winds tend to be a problem.
If you’re planning to get new asphalt shingles and you live in a high-wind zone, ask the installer to use six nails per shingle (Excel Roofing always does this). You may get a discount by using six nails per shingle instead of four, which increases the wind-resistance rating of your roof. Make sure to check with your agent about any discounts before signing a roofing contract.
Impact-resistant roofing materials are tested and given a rating of Class 1 to 4, with Class 4 being the highest rating. The test, called UL 2218, was developed for the purpose of testing roofing materials. Most Class 4 roofing material also has a limited lifetime warranty to cover manufacturer’s defects. When Excel Roofing installs a hail-resistant roof, we always provide the necessary documentation to the homeowner so they may qualify for the discount. If you need a free roof inspection or have any questions about hail-resistant roofing, contact Excel Roofing!