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Will a New Roof Get Me a Home Insurance Discount?

Although the answer depends on your insurer, for many insurance companies, a new roof will qualify your house for a discount and will lower your annual homeowners insurance premium by hundreds of dollars.

Read Time: 5 mins

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When thinking about our expenses, we often look for ways to cut down on the cost of our insurance policies. Homeowners insurance can be pricey, but luckily, there are some ways to shave down the expense. One such way is to replace your roof or provide your roof with major repairs.

Some insurance companies provide homeowners with a policy discount if they obtain a new roof or have major repair work done on their roof. Other factors such as the type of roof, quality of the roof, materials, and how it is installed will also factor into the proposed discount. Keep reading to learn how a roof can help reduce the overall cost of your homeowner’s insurance policy and whether it is beneficial to tell insurance about a new roof.

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Key facts
  • Replacing your roof can earn you a discount on your homeowners insurance premium.
  • Regular maintenance of your roof will help to prevent denied claims due to negligence.
  • The type of material you use on your roof also matters. Some finishes can result in a larger discount.

New roof insurance discount: fact or myth?

Replacing your roof can be one of the bigger influences in terms of cost savings when it comes to your insurance policy premium. This is because your roof serves as a barrier between the outside world and its many perils and your home.

Whether you have a full replacement or just an update and maintenance, it is important to tell insurance about a new roof or roof maintenance. The insurance agency will take this information and calculate it to see whether it qualifies for a discount on your premium. Many insurance companies provide discounts of 20% or more for homeowners that replace their roofs completely.

Factors that matter

When replacing your roof, there are many factors you need to consider. These factors will have a direct impact on the discount your insurance company rewards on your insurance premium overall. Below are some key factors.

Location of your home

Another important caveat to keep in mind is the location of your home matters when you receive a discount for a new roof or significant roof maintenance. For areas that often face challenges and perils like hurricanes, windstorms, and other significant perils that wreak havoc on their properties, a new roof can mean more of a discount.

Size of your roof

Additionally, the size of your home and the square footage of the roof that is replaced will factor heavily into the proposed discount. For those who have small homes, the discount is not as substantial. For larger homes with a big roof, the discount could be higher and more lucrative.

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Roof material

The type of material you use to put on your roof is also a factor you need to consider. The better the material, the higher the discount will likely be. Wooden roofs are usually the hardest to insure. Some popular roof material options are:

  • Wood shakes and shingles. These have an average lifespan of 30 to 50 years. They are less durable than other roof types and require routine maintenance. Some insurance companies deny coverage to houses that have wooden roofs, others charge higher premiums to insure homes with wooden roofs. Although roofs made from this type of material provide solid protection from winds, wooden roofs tend to perform the worst during fires.
  • Asphalt shingles. This type of shingle is popular and has a typical lifespan of 25 to 30 years. It is considered to be one of the less durable materials, but the initial cost to purchase them tends to be more affordable. Roofs with asphalt shingles are usually inexpensive to insure since this material provides good fire protection.
  • Clay or concrete tiles. These types of shingles have a 35 to 50-year lifespan. This type of roof is low maintenance and highly durable. Tile roofs are also cheap to insure since they provide good protection from both fire and wind.
  • Metal. Depending on the type of metal, these roofs can last anywhere from 30 to 100 years. These types of shingles are considered to be very durable but are often expensive. Insurance companies prefer metal roofs and you can expect the best discounts if you have this type of roof.

These roof material types are rated by the insurance company based on durability. When choosing a material, consider that the more durable options rank better and will provide a larger discount in most cases.

Raze the roof

If you have been struggling to decide whether or not to replace your roof, stop. It is absolutely necessary to keep up with the maintenance on your roof. Replacing it will not only ensure the safety of your family, but it can help lessen the expense of homeowners insurance overall.

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Katelyn is a freelance copy editor and writer based in Massachusetts. She holds Bachelor's Degrees in Business Administration and Political Science, both from Fitchburg State University, as well as a Master's Degree in Public Administration from UMass Amherst. In her free time, Katelyn enjoys reading, traveling, and spending time with her family.
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