Although we don't often think about them, our roofs are an undeniably important aspect of our homes.
A high-quality roof protects homeowners and their families from rain, snow, hail, wind, animals and much more. But did you know that your roof's style, materials, and age can influence your home insurance rates?
It's true! Although this may come as a surprise if you're a new homeowner, your roof plays a significant role in determining the price of your home insurance. Today's article will focus on the nuances of roof age and home insurance in Canada, along with a number of tips and frequently asked questions from homeowners, like you!
How do roof age and insurance affect each other?
Over time, most residential roofs see a lot of wear and tear from weather, animals and falling objects (the latter is particularly common if you have several large trees near your home). These forms of wear and tear can damage your roof and hinder its overall condition, causing it to degrade.
The increased likelihood of roof degradation raises your home's risk level, which often leads to higher home and roof replacement insurance costs.
This is something that homeowners should keep in mind, especially if they live in a particularly old home.
Bonus — Speaking of old homes, check out this article if you'd like to learn more about insuring older houses in Canada.
Age of roof and insurance costs — does installing a new roof help you save on home insurance in Canada?
In most cases, yes, fixing pre-existing issues or installing a new roof can positively impact your home insurance rates in Canada. Once again, this is due to the fact that the age and condition of your roof influences your home's risk level.
Repairing or installing a new roof can make it safer, which, in turn, can lower the overall risk level of your home. Home insurance providers and brokerages will take this information into account while determining your home insurance rates.
Does the age of a roof affect how much you'll receive when you submit a claim?
Yes, the age and condition of your roof can influence how much money you'll receive after making a home insurance claim.
Roofs under the age of ten — Most home insurance companies in Canada will fully cover the costs of your roof damage if the structure is under ten years old.
Roofs over the age of ten — Your home insurance company may only cover the depreciated cost of your roof if the structure is over ten years old.
What does this mean? Simply put, if your roof is under ten years old, your home insurance company will cover the entire cost of your roof damage (minus the deductible and related expenses). On the other hand, if your roof is over ten years old, your home insurance company will take the current condition of your roof into account while determining the payout for your claim.
Please note that some providers only cover a set amount for roof damage, despite how new or old it may be. If you have questions about your roof coverage, don't hesitate to reach out to your Surex insurance advisor.
How can homeowners save on home insurance in Canada?
There are several ways that homeowners can reduce their home insurance costs. Some popular techniques include:
- Increasing your deductible
- Bundling your policies
- Installing a home security system
However, the best and easiest way to save on home insurance in Canada is by partnering up with a reputable insurance brokerage, like Surex.
Our team at Surex can help you save on home insurance by providing you with high-quality, competitive quotes from the country's most reputable providers, like Intact. We work side by side with Canada's top insurance companies to provide you with the best discounts and deals in the industry.
Don't have the time to chat with one of our advisors on the phone? Not a problem! As Canada's online insurance marketplace, we can provide you with car, renters, and of course, home insurance quotes online.
Click here to learn how we can help you save up to 25% when you bundle your home insurance policy with your car, motorcycle or RV insurance with one of our partners.
What have you learned about roof age and insurance costs in Canada?
As you now know, the age of your roof can play a huge role in determining your home insurance rates and your claim payouts. We hope that this article has given you a better understanding of one of the most important aspects of insuring your home and protecting your family from the elements.
If you have unanswered questions, you can reach out to your personal Surex insurance advisor online or over the phone.
FAQ about roof age and insurance in Canada
Here are some frequently asked questions about home insurance and roofs:
Can I keep insurance money for roof related claims?
Yes, policyholders can technically spend the money they receive from a claim as they please. That being said, we highly advise against spending the money on anything other than the roof repairs or installation.
If you spend the money elsewhere, you'll have to pay for the roof repairs or replacement out of pocket.
What types of roofs can positively impact home insurance rates in Canada?
Using the following types of roof materials can potentially help you lower your insurance rates:
- Metal
- Slate
- Tile
These materials are known for being extremely sturdy. Additionally, the latter options are also quite weather-resistant, making them ideal for homes in areas with inclement weather conditions.
Can installing a green roof help you save on home insurance in Canada?
As beneficial and beautiful as green roofs can be, they do not help homeowners save on insurance.
In fact, most home insurance companies see green roofs as more of a liability than an asset due to the fact that a poorly installed or maintained green roof can lead to leaks and attract animals. Homeowners should keep this in mind before making a final decision about installing a green roof.
