In roof replacement, a deductible is a specific amount of money that a residential property owner pays toward the cost of an insurance claim. Once the deductible is met, the insurance company usually covers the rest. For instance, if you want to get a new roof for $8,000 and your deductible is $1,000, your insurer will pay for the remaining cost, which is $7,000, of the replacement. However, deductibles, along with other insurance policy features, vary by company and insurance product.
In this article, a metal roofing contractor discusses what you need to know about roof replacement deductibles before you file a claim.
Damage-Specific Deductibles
The insurance business calls the causes of property damage perils. Fortunately, most homeowners insurance policies are constructed with “all peril” coverage and packaged with an
“extended coverage” clause that covers hail and wind — two of the most common causes of damage that lead to roof replacement.
A single deductible amount applies to all covered damages with this type of insurance policy. Meanwhile, other types of policies may cover hail or wind only as a “named peril.” It is crucial to know what your policy covers as well as how deductibles are applied to roof replacement.
Contractor “Discounts”
Many homeowners have heard of roofing companies, or contractors specializing in roof inspections, repairs and replacements, offering to pay their customers’ deductibles or presenting discounts to offset deductibles. In some states, this practice is actually illegal. Keep in mind that any information about your deductible and insurance policy specifications should remain between you, the homeowner, and your insurer.
Deductibles Don’t Count Toward Extras
In general, the adjuster will offer the retail price for having the current roof replaced with a similar product. However, if you wish to replace your existing roof with better quality material, you will have to cover the price difference on top of your deductible.
Redemption Roofing is a premier source of top-rated roofing solutions, from asphalt shingles installation to routine inspection and maintenance. Our dedicated team aims to provide the safe and pleasant living space that every homeowner deserves using industry-leading products and services. Call us today at 936-321-3733 (North Houston), 830-214-7779 (Hill Country) or 281-205-1337 (League City). You may also fill out our contact form to set up an appointment.
