The short answer is it depends. Roofing Hail damage is covered by standard home insurance in most states, but coverage is applied in a variety of ways, depending on where you live, your insurer and how your policy is set up.
Also, it’s important to note that Roof hail damage claims may not be easy claims to have accepted. This is because hail damage tends to go unnoticed when looking at the roof from below, which means after experiencing a hail storm, a professional with experience in hail damage is needed to assess the damage.
Additionally, the roofing contractor can estimate approximately how much repairs will cost as well as assess the hail damage to replace your roof for your specific situation. This keeps the insurance agency honest when processing your claim. This is because your insurance company can offer up $10,000 to repair your hail-damaged roof, despite the fact that your roofing contractor has estimated repairs, of $20,000.
Replacement Cost Value vs. Actual Cash Value
When it comes to insurance for your roof, your homeowner’s policy is designed to protect you against a variety of types of losses, such as damage from a tree falling, weight of snow and ice, fire, lightning, ice dams, wind and hail.
However, how you’re protected from a loss depends on whether you have actual cash value coverage or replacement cost value coverage. Let’s take a look at the difference between the two:
The first way is called replacement cost insurance. Basically, you have replacement cost coverage. The insurance company will pay to put you back where you were before the loss. If your home office is damaged, it’s going to be repaired to the way it was before the damage with materials similar quality to what you had before.
Meanwhile, the ACV of your roof is what your roof is worth today, taking into consideration things such as its age, condition and type of roofing material. Before your insurance kicks in to help cover the cost, you’ll be required to pay a deductible.
IMPORTANT THINGS YOU NEED TO KNOW ABOUT ROOF HAIL DAMAGE INSURANCE CLAIMS
So, for example, let’s say that you have a 10 year old roof, which is damaged in a storm and your entire roof needs to be replaced. The cost to replace the roof is $12,000 and it’s halfway through, it’s anticipated life of 20 years. Replacement cost pays for the full $12,000, the cost to replace the roof with the same type of shingles that you have now.
Actual cash value only pays $6,000, which is the replacement cost of the roof minus 10 years of depreciation. That’s a big difference. It is because of this that roof replacement cost value coverage is the more popular choice, since it provides more protection if your roof is damaged by a covered loss.
Insurance valuation methods tend to be hard and confusing to determine, based on your individual needs and circumstances. As such, it’s best to speak with your insurance agent about what type of roof valuation method is best for you.
They will be able to review your existing policy and best assist you in determining your position with your insurance company especially when filing for a claim.