Roof Replacement: Guide for Homeowners
Is it time to up your roof game?
Shopping for a new roof isn’t cheap or especially fun, but it’s essential for maintaining a healthy home–and keeping your insurance premium down. In fact, a roof’s age is one of a home’s biggest risk factors. In addition to threatening your property’s structural integrity, an old roof is generally much harder to insure.
While a typical homeowners policy will protect your roof from a variety of named perils, such as hailstorms, water damage, fallen branches, etc., most insurance providers will generally not cover homes with roofs older than 15 years.
In this guide, we’ll tell you everything you need to know about replacing the roof over your head. Here’s everything we’ll cover:
1. Why roof maintenance is vital
2. How to inspect your roof for damages
3. How to finance your roof replacement
4. Selecting the right roof material
5. Timing your roof replacement
Why Roof Maintenance is Vital
Your roof is pretty important. It’s not only one of the first impressions your house makes to the outside world but also one of the first parts to be impacted by severe weather or natural disasters. Although roof replacements generally aren’t covered by your homeowners policy—which won’t cover damages resulting from general wear and tear—a new roof will offer you more insurance protection in the event that a bad thing happens. Keeping your roof up to date demonstrates to your insurer that you’re lower risk, which could even lower your premium.
Good roof maintenance doesn’t end with a replacement; you should still make sure your roof is free of any signs of wear and tear. As a rule of thumb, having a professional inspect your roof twice a year and immediately after any big weather event is a good idea.
How to Inspect Your Roof for Damages
A lot can happen to a roof. Knowing what kind of damage to look for and how to identify it will help you decide if and when it’s time for a replacement. Weather is perhaps your roof’s biggest enemy. Wind, ice, and UV rays are especially threatening to its structural integrity. These effects can either strike all at once–in the case of, say, a big hailstorm–or wear away at your roof slowly.
When looking for evidence of damage, it’s important to examine your roof from multiple vantage points. Here’s a checklist of everywhere you can safely check your roof without getting up there (for that, we recommend a roofer or gutter company):
- From the ground: Look for fallen branches, excess debris, and visible pests.
- Inside your home: Check for stains or water damage on your ceilings, which might indicate roof leaks.
- In the attic: Look for holes, potential leaks, and signs of poor ventilation and insulation that can lead to condensation buildup.
How to Finance Your Roof Replacement
There’s no way around it—the costs of a new roof can be overwhelmingly expensive. A roof replacement could set you back anywhere from $10,700 to $80,000, depending on various factors. Here are some common options for roof financing:
- Roof loan: A personal loan without requiring collateral. Good credit is needed for approval.
- Home equity loan: Uses your home as collateral, takes longer to get approved but doesn’t require high credit.
- HELOC: A faster way of getting cash, with lower monthly payments and longer repayment terms.
- Cash-out refinancing: Refinances your mortgage with a larger loan to cover the roof replacement.
- Home renovation loan: Available through the Federal Housing Administration for those who don’t meet other loan requirements.
- Through your roofing contractor: Many offer financing options with competitive rates.
Before committing to any of these options, shop around for the lowest interest rates and the most reputable contractors.
Selecting the Right Roof Material
In addition to making a financial plan, you’ll need to decide what kind of roof you want. Here are some of the most popular kinds:
- Asphalt shingles: Cost-effective, easy to install and repair. Choose between 3-tab (cheaper) and architectural shingles (more durable and better looking).
- Standing seam metal: Long-lasting but costs two to three times as much as asphalt.
- Composite shingles: Eco-friendly and durable, resembling wooden or slate roofs but more costly than asphalt.
- Tile: Clay or cement, extremely long-lasting. Clay is more aesthetically pleasing but expensive.
- Slate: The most expensive option, but sturdy and beautiful.
When deciding on a roof type, consider your homeowners policy. Durable roofs like slate and metal can yield lower premiums, while wooden roofs are often uninsurable due to fire risk.
Timing Your Roof Replacement
Once you’ve decided to replace your roof, schedule your replacement for a convenient time. Roofing companies are often booked up, especially during busy seasons like the fall. Moderate temperatures are ideal for roof installations, making spring a good alternative to the busy fall season.
Beware of how extreme temperatures can affect roofing materials. Asphalt shingles, for example, are difficult to install in high temperatures, while cold temperatures can prevent roof sealants from setting.
As soon as you’ve got your new roof, update your insurance company with proof of installation. It just might save you some money!
In conclusion, a well-maintained roof is crucial for both the structural integrity of your home and your peace of mind as a homeowner. By understanding the importance of regular inspections, knowing what to look for, exploring financing options, and choosing the right materials, you can ensure your roof lasts as long as possible while keeping your home well-protected and your insurance premiums manageable.
Last but not least, our agency was established in 2005, and we’ve never seen anything like this crazy insurance market before. To help, we started a LOCAL FACEBOOK GROUP to give our clients and community tips on how to get the best value on their insurance during this crazy market.
FYI – The group is a marketing-free zone! It’s only to help navigate renewals, claims, answer questions, and provide value.
Please join today and check out the Featured posts, use the search bar, or ask any questions you have. https://bit.ly/GreaterHoustonInsurance
Caroline Johnson, SBCS
Vice-President
by Sparrow Websites