- Posted by: Ana
- Category: Insurance
You probably never think about your roof, but your insurance company certainly does. 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.
“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.”
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 discount of 1%. 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, give us a call!